2023 is probably the most important year in the country music singer’s nearly 2-decade long career.

 

 

 

 

Eras Tour is a huge scale tour to pay tribute to the golden period in Taylor Swift’s illustrious 17-year career. There’s a lot to say about the tour from the music, the costumes, to the production process… but the economic impact is arguably the most outstanding. The film version of Eras Tour is also currently dominating the box office series.

Taylor Swift is everywhere and 2023 is probably the biggest year in the singer’s nearly 2-decade career: she officially becomes a billionaire.

According to Forbes, Taylor Swift is currently on par with Rihanna, who has become a billionaire since 2021. For many years, Rihanna has been in the cosmetics and fashion business. Singers Jay Z and Beyoncé also became billionaires in 2017.

According to Bloomberg News, the success of the Eras Tour – a Super Bowl-sized event – broke many records and caused a ‘fever’ of tickets. In Seattle, Swifties (Taylor’s fans) dancing to the music even caused seismic activity equivalent to a small earthquake. Currently, the pop star’s net worth is more than $1 billion – an achievement that few solo singers can achieve.

Excellent songwriting ability, streaming deals and wise decisions have helped Taylor Swift create great financial influence at a time when artists are gradually losing influence in the industry. The admiration and enthusiasm have ‘captivated’ millions of passionate fans – who consider buying and selling beaded friendship bracelets before the show a ‘ritual’.

According to estimates from Bloomberg Economics, Eras Tour helps add $4.3 billion to US GDP. “In addition to being a talented singer, Taylor Swift is also a great economist,” said Carolyn Sloane, a labor economist at the University of Chicago.

Bloomberg’s calculations are based on the estimated value of a portfolio of music products, real estate as well as revenue from online streaming activities, concert tickets… The newspaper also considered income tax offsets, Tour organization costs, transportation, commissions…

The Eras Tour is expected to continue with nine shows in South America next month. After releasing a series of songs during the pandemic, Taylor Swift conducted the tour of the century just when the world was ‘hungry’ for live music. On the black market, many people are willing to spend a high amount of money on average, 254 USD/ticket.

“Some people spend thousands of dollars to watch Taylor Swift even when they will have a crisis in living expenses,” Enders Analysis wrote.

2023 is probably the most important year in the country music singer’s nearly 2-decade long career.

In the New York Post, financial analyst Callie Cox said that every weekend, the cities where Taylor performs earn millions of dollars. Tourists flocked in more than usual, leading to a sudden increase in demand for hotels and restaurants.

Previously, in July, Taylor Swift was also named by the US Federal Reserve as an extremely strong push for the economy, culture and society. The tour helped boost Philadelphia’s tourism industry, despite the general market’s gloom.

“Despite the slow recovery of the tourism industry in general, May 2023 saw the strongest increase in hotel revenue in Philadelphia since the outbreak of the pandemic. The driving force largely comes from the number of tourists coming to see Taylor Swift’s concerts,” the FED report stated.

The Fed is not the only organization praising the Eras Tour. Many analysts have pointed out its boost to Philadelphia tourism in particular and the United States in general. The term “Swift Lift” was therefore born to refer to the influence of the event.

There are many reasons behind the unprecedented success of the Eras Tour. Nora Princiotti, editor of The Ringer and co-host of the podcast Every Single Album: Taylor Swift, thinks the sheer depth and popularity of Taylor Swift’s music is key.

“This is a huge scale tour. She can sing non-stop for 3 and a half hours, continuously from one song to the next,” said Nora Princiotti.

In addition, the time factor cannot be ignored. Eras Tour takes place at the right time when the world has just passed two long years of pandemic. This is when many people want to immerse themselves and experience live music – a form of ‘revenge’ spending.

“We are in an experience economy where people are hungry to go out and participate in social events. It’s no surprise that people flocked to Taylor’s show,” said Alice Enders, music industry analyst at Enders Analysis.

The development of the Internet also helps Taylor Swift exert her influence. This tool helps the 34-year-old singer communicate easily with millions of fans – something legends like Madonna or Michael Jackson cannot do.

According to data from research company AskPro, the Eras Tour could earn $2.2 billion in ticket sales in North America. This unprecedented figure includes ticket sales from the events that just ended in Los Angeles plus the second North American leg (scheduled to take place next year). The tour accordingly became the highest-grossing event ever, according to CNN.