The Economy (Taylor’s Version)
Taylor Swift’s record-shattering Eras Tour — set to bring in more money than any other concert in American history — is heading to 8,500 movie theaters this weekend.
By Abha Bhattarai, Rachel Lerman and Emily Sabens
https://www.washingtonpost.com/business/2023/10/13/taylor-swift-eras-tour-money-jobs/
Call it a gold rush: Taylor Swift is adding billions to the U.S. economy.
Swift’s record-shattering Eras Tour is set to be the most lucrative concert run in American history. But the massive production not only provided a jolt of money to sold-out stadiums — it also infused the American economy with a trickle-down flow of cash.
Now, as the show heads to movie theaters this weekend, millions more will experience — and shell out cold, hard cash for — a moment with Swift.
As she hits the silver screen, here’s a look at The Economy (Taylor’s Version).
The biggest windfall is headed straight to Swift, who stands to make as much as $4.1 billion from the Eras Tour, according to estimates from Peter Cohan, an associate professor of management at Babson College.
That’s assuming the pop star ends up keeping the standard artist’s share of roughly 85 percent of her tour’s revenue, with average ticket prices of $456. Swift’s earnings would be the most from a single tour for any musical act to date — and more than the yearly economic output of 42 countries, including Liberia, which has more than 5 million people.
But the impact of the Eras Tour extends far beyond what Swift takes home. In one of the few efforts to assess spending by concertgoers, software company QuestionPro quizzed 592 Swifties who responded to an opt-in online survey. Based on their answers and average concert attendance, the company estimates that Swift’s fans spent about $93 million per show — yes, on tickets, but also on merchandise, travel, hotels, food and outfits.
Add all that up, and by the end of the U.S. tour, you’ve got a $5.7 billion boost to the country’s economy. That’s enough to give $440 to each person in Swift’s home state of Pennsylvania. Or almost enough to send every American a $20 bill.
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The tour’s economic boost spread far past the walls of Swift’s stadium venues, as fans traveled from near and far to any show they could get their hands on. The Federal Reserve Bank of Philadelphia even put the Swift effect in a report — saying concertgoers provided a sizable boost to hotel revenue in May.
Hotels, restaurants and shops around the country felt the upswing, with millions of dollars flowing into the 20 U.S. cities Swift visited this summer. Cincinnati estimated that it would see about $48 million in additional economic impact, according to Visit Cincy and the Cincinnati Regional Chamber’s Center for Research and Data.
In Los Angeles, where Swift performed six shows, the California Center for Jobs and the Economy predicted a $320 million boost to the county. Kansas City tourism organization Visit KC said the region got an estimated $48 million impact from the tour’s July stop. The Common Sense Institute, which studies the state of Colorado’s economy, predicted the boom from Swift’s Denver performances would add up to $140 million statewide.
“The [Eras Tour] was a shot in the arm to a part of the regional economy that’s really been lagging,” said Mike Kahoe, chief economist for the California center. “It brought some much-needed dollars to the tourism industry.”
Hotel analytics group STR calculated tour cities produced a $208 million bump in hotel room revenue, over and above normal seasonal levels.
In Seattle, Swift set a record for single-day revenue for downtown hotels — notching $7.4 million, about $2 million more than the record set during a Major League Baseball All-Star Game earlier the same month, according to Visit Seattle and STR.
“To put the impact into context, $208 million is basically the combined room revenue generated in New York City and Philadelphia in one week,” STR senior research analyst M. Brian Riley wrote. And that’s just for the actual nights of the tour, not including fans who arrived early or stayed longer.
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Not only are there more jobs in and around Eras stadiums, but they pay better, too: The average hourly rate offered on Instawork within a five-mile radius of Swift’s May 13 show in Philadelphia was $20.57, $2 higher than usual.
There have been longer-term lifts in employment, too. In Los Angeles, Swift’s six-day stop was estimated to generate enough revenue to fund 3,300 new jobs, according to the California Center for Jobs and the Economy. That would be enough to staff every bookstore and news stand in the L.A. area.
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Swift also passed on some of that karma — and cash — to her employees.
She gave every truck driver on the tour an extra $100,000 this summer, and she gifted bonuses to sound technicians, caterers, dancers and other staff, People magazine reported in August.
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Eras, too, is onto its next phase. In November, the pop star will take her 146-show tour international, with stops in South America, Asia, Australia and Europe. But first, Swift heads to the movies — where global pre-sales have already surpassed $100 million, according to AMC. Fans, the movie chain said, are turning up “from the largest cities to the smallest towns.”
Long story short: Swift’s economic dominance is about to begin again.
About this story:
The following songs are referenced in this story:
Abha Bhattarai became a Swiftie during the pandemic, when she listened to “Evermore” and “Folklore” on repeat.
Rachel Lerman managed to get tickets for Swift’s Munich show, where she will be embracing her “1989” era.
Emily Sabens became a Swiftie at age 10 while performing songs from the debut album in her basement with her cousin. She was blessed with “Haunted” as a surprise song at the Eras Tour in Detroit.
Editing by Karly Domb Sadof (who is still trying to get her Eras Tour tickets), Betty Chavarria (who has a song named after her), Jennifer Liberto (mom of a Swiftie), Mike Madden (who is not a Swiftie — yet), Paola Ruano (who is going to the Eras Tour for a second time in London) and Haley Hamblin (who promises to finally listen to 1989 soon).
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“Front Man”
Gene Woods and the Soul Alliance
CEO
Advocate Health
PHOTO: Business North Carolina
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Read, listen, watch at the above links.
Swift is an example of “trickle down economics” actually working. That probably has to do with her personality and generosity.
Music gets the job done!
🇺🇸 Due Process Forever!
PWS
10-22-23
