Taylor Swift: The most influential business figure in 2023 and how did she do it?
Taylor Swift is a well-known pop singer whose music is loved by hundreds of millions of fans around the world. But she's not just an artist, she's also a business wizard whose "Eras" tour has generated staggering economic benefits and her personal fortune has crossed the billion-dollar mark. Her business achievements have even surpassed the CEOs of some large companies, and she is the most influential business figure in 2023.
Taylor Swift's "Eras" tour is her core project for 2023, and it will run until the end of 2024. It's a journey that spans all of her musical "eras", from her debut album Taylor Swift (2006) to her tenth album, Midnights (2022), each with a unique theme and style that showcases her musical growth and change. This is her second global stadium tour and her largest, with 151 performances covering five continents. It was also the highest-grossing tour of all time and the first to earn more than a billion dollars.
Taylor Swift's "Eras" tour set multiple records in terms of ticket sales, and her concert tickets became the highest-selling show in the site's 20-year history on the ticketing site StubHub, surpassing any other singer or band. It is estimated that the first 60 performances of the tour have already earned more than $1 billion. According to a dedicated analysis, in North America alone, the tour could bring in more than $2 billion in revenue, which would make it the highest-grossing tour ever. Taylor Swift's appeal is so strong that her fans are scrambling to snap up her concert tickets on the second-hand market, with an average resale price of $1,607, 741% more than her 2018 "Honor" tour.
Taylor Swift's "Eras" tour itself was like a moving ball of economic activity, traversing major U.S. cities, attracting thousands of fans to watch, where hotel rooms were quickly booked out, retailers were getting extra revenue from fans who came to buy costumes that fit the theme of the concert, and even a report by the U.S. Federal Reserve Board mentioned how concerts boosted hotel revenues in Philadelphia, according to one of the companies surveyed by the report.
Taylor Swift's business acumen Taylor Swift's business acumen lies in how she uses the enthusiasm of her fans to drive more sales. She didn't just sell tickets, she also sold a variety of merchandise such as t-shirts, sweaters, hats, posters, etc., which all showcased her image and style. It's a great case for getting to know your own customers and giving them what they want.
"Merchandise sales are very important for concerts because it allows fans to bring back some of the concert experience because it's all about memories," said Shaomian, a professor at the University of South Carolina.
"Fans were waiting in line before the concert because the merchandise was set up in another area and they wanted to be the first to buy it. Even if only a quarter of people buy something, it could easily reach millions of dollars. ”
There is also a movie version of Taylor Swift's "Eras" tour, which was released in theaters worldwide on October 13, 2023, and became the highest-grossing concert film of all time. The film chronicles her final performance in Los Angeles, showcasing her musical talent, stage charisma, and diversity. The film grossed $120 million in its opening weekend, breaking the previous record of $82 million held by South Korean boy band BTS' Love Yourself in Seoul (2019).
Taylor Swift's Influence Taylor Swift's "Eras" tour was not only a huge commercial success, but also had a wide range of cultural, economic, and political impacts. Her concerts have sparked unprecedented demand, ticket sales, venue attendance records, and technical hurdles that have led to price regulation and anti-scalping laws, boosted economic, commercial, and tourism developments, dominated the news cycle and social media buzz, and garnered various accolades and tributes from governments and organizations. Her official partner, Ticketmaster, has also been questioned for poor sales and alleged monopolies.
Taylor Swift also released a variety of productions during the tour, including an extended version of Midnight, re-recorded albums Speak Now (Taylor's Version) and Taylor's Version, as well as music videos for Karma and I Can See You and a single from Cruel Summer. These works all show her creativity and prolificity, and also provide more musical enjoyment for her fans.
Taylor Swift is a commercial marvel who has won global love and respect with her music and personality, and she has used her wisdom and strategy to create a brand that has both artistic and commercial value,