taylor swift

Thanks to the record-breaking success of the Eras tour, Swift became a billionaire in October — making her the rare recording artist to achieve ten-figure status, joining the likes of Jay-Z (net worth: $2.5 billion) and Rihanna ($1.4 billion). A three-and-a-half-hour concert retrospective of her career, the Eras tour has grossed nearly $850 million over the course of 66 U.S. shows. Its first leg has added an estimated $190 million, after tax, to Swift’s coffers, boosting her net worth to $1.1 billion. The show will head to Europe and Asia next year.

The so-called Taylor Swift Effect casts a wide financial halo. Two nights of her tour in Denver added $140 million to Colorado’s gross domestic product, thanks to fans spending an average $1,300 apiece on hotels, restaurants and retailers. The Philadelphia Federal Reserve even cited Swift in its June Beige Book, noting that May — the month the Pennsylvania native performed at Lincoln Financial Field in Philly for three nights — marked the strongest month for city hotel revenue since before the pandemic. The U.S. Travel Association estimates that, collectively, the U.S. leg of the Eras tour added more than $5 billion to state economies.

“She’s like a big corporation, essentially, operating in many sectors,” says labor economist and University of Chicago professor Carolyn Sloan. “Her audience has skewed so young and so female for so long that people may have underestimated how big this thing could be, economically. I don’t think anybody doubts that today.”

That predominantly young, female audience also followed Swift to the movie box office this year. Here again, she flexed her entrepreneurial muscle, bypassing Hollywood studios to release The Eras Tour directly with AMC in October, despite the fact that she had no traditional marketing apparatus at her back. No matter. Swift herself is the ultimate marketing machine. Stacy Jones, founder of marketing agency Hollywood Branded, estimates that the singer has amassed more than $130 billion in “earned media” — a bit of a voodoo number that attempts to estimate the value of free publicity — over the last two years. Word of mouth and a few strategically timed appearances at Kansas City Chiefs football games were more than enough visibility to get fans in the seats. The movie notched a $93 million opening weekend and has grossed more than $250 million worldwide.

Source: Forbes | Read More

Stacy Jones

Stacy Jones has become a world-renowned specialist in branded content. Now it’s her mission to share her expertise and help brands and other business owners and executives leverage the tools our agency has crafted in building brand awareness – using the same proven methods she’s built her agency on and leveraged for client success.