Friday at midnight, Taylor Swift releases her 11th studio album, “The Tortured Poets Department,” maintaining her rich legacy.
Swift’s devoted fans break streaming records, crаsh websites, and sell out arenas worldwide. Fans are expected to get excited again about her latest album.
It will continue her pop and business legacy.
Swift demonstrated her economic prowess in 2023. Her career-defining “Eras” tour sold out quickly, fans splurged on goods, her tour film shattered box office records in its opening weekend, and Swift became a fortune.
Swift accomplished things that would astound any Fortune 500 corporate leader. Her example of understanding and satisfying clients was fantastic.
CNN reported that University of South Carolina assistant professor of sport and entertainment management Armen Shaomian called her a corporate powerhouse.
Swift’s business success is shown below.
The profitable ‘Eras’ tour
This year’s Eras tour will continue after a huge 2023 success. StubHub said Swift’s tour “was the biggest” in its two-decade history, outselling other successful performers.
According to the company’s year-end report, Taylor Swift was rewriting the playbook by scattering glitter, economic stimulants, and friendship bracelets everywhere she went.
Although Swift hasn’t published sales data, some estimates claim the tour is already making 10 figures. Pollstar predicted the tour’s first 60 gigs grossed over $1 billiоn.
An estimate released exclusively with CNN last year predicted that Swift’s North American gigs might earn over $2 billiоn, making it the highest-grossing tour ever.
Swift’s star power drove fans to bid up ticket prices on the resale market. SeatGeek told CNN that the average resale price of a “Eras” ticket was $1,607, up 741% from her 2018 “Reputation” tour, which averaged $191.
Eras Tour truck drivers receive $100,000 summer bonuses from her generous boss.
As fans poured in with cash, the tour became a mobile economic hub in key American cities.
Hotel rooms in host cities Eras gigs sold out, stores reported concertgoers bought outfits to match the tour’s theme, and a Federal Reserve report noted how the tour improved Philadelphia hotel income, according to one business in the survey.
Swift’s business sense
Swift’s ability to use her passion to boost sales shows her business acumen. Thrilled admirers bought shirts, sweaters, hats, posters, and other goods featuring the diva in her glory.
“The merchandising aspect of the tour was so important because it allowed fans to bring home some of that experience since it’s all about the memories,” said University of South Carolina’s Shaomian.
Fans lined up hours before the arena opened to buy stuff that was set up elsewhere. Even a fifth of those people buying something would be at least a million dollars a night, he claimed.
Online merchandising is also available. From guitar picks to nail jewels, Swift gave her admirers another excuse to spend, and they did.
Swift capitalized on her trademark tour’s excitement by expanding her commercial plan to the big screen.
In mid-October, Taylor Swift released “Taylor Swift: The Eras Tour,” a film of last year’s shows. AMC said that the picture grossed $96 million in its US and Canadian opening weekend. Domestically, it was the highest-grossing concert film opening weekend.
The Taylor Swift The Eras Tour concert film broke AMC’s US record for greatest ticket-sales income in a single day in its 103-year existence in less than 24 hours, AMC announced.
What business leader doesn’t like excellent press?
Swift was selected Time magazine’s Person of the Year in 2023, a title normally held for changemakers like Barack Obama, Angela Merkel, and Pope Francis, among other major stories.
“It feels like the breakthrough moment of my career, happening at 33,” Swift told Time. “For the first time in my life, I was mentally tough enough to handle that.”