As the chart shows, fans are returning to live events in their droves. And nowhere is this more evident than in the Taylor Swift “Eras” tour.
Taylor Swift is touring the US for the first time in nearly five years. The “Eras Tour” Taylor said, will be “a journey through the musical eras of my career (past & present!).” The tour hits stadiums in 20 US cities over 27 dates, and comes in a different environment from 2018 when she last hit the road—including higher touring costs, equipment shortages and consternation among some fans about high concert-ticket prices.
Taylor Swift 2022 album “Midnight” has been a huge hit: she is breaking all sorts of records for having the most hit songs and the most hit albums on the Billboard Hot lists. But her fans love her entire repertoire of music, and she has an incredible following: the superstar has 10 albums on the Billboard 200 albums chart at the same time. And all of them are in the top 100 of the 200-position tally, which ranks the most popular albums of the week in the US. Among those 10 albums, nine are in the top 50, eight sit in the top 40, and three are in the top 10.
Thousands of fans are traveling for the Eras Tour, which runs until August. Concerts are in football stadiums that hold 70,000 people. The tour is having a significant economic impact: it helped Las Vegas nearly match pre-pandemic visitor levels, the city’s tourism authority said.
The Eras tour is forecast to become the highest grossing tour of all time. This could considerably add to her already sizable wealth made from music sales, strategic business moves and past tours. The tour sold out last year in a debacle that caused Ticketmaster to crash, leading to a congressional hearing. The ticketing company’s site crashed under the pressure of some 14 million people trying to get seats.
According to some experts, the tour could generate between $500 million and $1.5 billion for the popstar and her team, and far more in broad economic activity, including transport, hotels, restaurants, retail stores, merchandising, advertising, hairdressers, nail bars, and so on. About 2.5 million tickets were sold on the first day of pre-sale tickets alone, with “Swifties” paying many thousands of dollars to get tickets on the resale market. Fans are also spending big on be-jewelled boots, custom jackets, and hair and makeup looks to show out for the concerts.
One of the biggest questions in the broader economy is whether consumers will continue to spend as interest rates and joblessness increase. “Swiftonomics” probably won’t help answer. It’s its own economic microcosm, and fans just shake it off. Taylor Swift’s fans, of which there are many, represent an extreme version of the turbocharged consumer in the post-COVID US economy.
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