Taylor Swift’s recent success has been nothing short of a cultural movement as her Eras Tour sweeps across the nation’s biggest cities and brings with it a wave of ravenous fans. Her music has brought millions of fans to see her live performances and has now reportedly seen her net worth reach the $1 billion mark.
As a performer, she has proven that she may be one of the defining artists of her generation, as her tour continues to have massive impact on the economy of the city in which she is performing. As fans flock to see her, as if it were some sort of religious pilgrimage, her fame only has continued to grow.
According to a Bloomberg News Analyst, her net worth has now reached the wildly impressive rarified rank of billionaire. When Taylor burst onto the scene in county music over a decade ago, it was clear that the singer-songwriter had the talent to sick around the music industry for a long time.
Now, Swift has proven that she also hs the cunning and business acumen to become one of the most profitable touring acts of all time. Her tour draws an amount of fans that looks more like a major NFL or College Football game than a concert and the revenue that she is generating is nothing like what we expect to see from even the biggest artists in the world.
Bloomberg even went so far as to say that Taylor Swift’s Eras Tour has added a tremendous $4.3 billion to the The United States’ GDP. Carolyn Sloane, a labor economist at the University of Chicago, weighed in on this impressive feat and offered her opinion on just how Taylor Swift was able to turn her cultural phenomenon into a groundbreaking financial success.
Sloane said, “In addition to being a generational talent, Taylor Swift is a great economist. Taylor has great ideas, is able to scale her ideas and seems to be pretty risk-seeking.”
professor of professional practice in economics at Columbia Business School Brett House also spoke to Bloomberg and offered his take on what this Eras Tour has shown about the economy as a whole. He indicates that the massive influx of Swift fans has shown that people are doing well-enough financially to afford tickets to the high-priced shows.
House noted, “The fact that people had the capacity to pay such high ticket prices is important. It was a confluence of people having the savings, people having the desire to spend and the fact that she produced a number of albums that for many people were the soundtrack of the pandemic.”
Whether you’re a fan of Taylor Swift’s music and performances or not, this Eras Tour is a once-in-a-lifetime kind of cultural event that is taking over young folks in a way that no artist has in recent memory. It has become a bucket list event for so many young people to see a Taylor Swift concert that cities are planning their entire year around the next Eras Tour concert.
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