Arab Press

بالشعب و للشعب
Wednesday, Dec 11, 2024

The Taylor Swift economy motors on

The Taylor Swift economy motors on

Analysts say Swift's US Eras Tour could generate $642 million to $728 million

The ongoing Eras Tour has not just been lucrative for Taylor Swift – the economies of the cities that she has stopped at have massively financially benefited as well.

The songstress has just under half of her 52 scheduled tour dates under her belt so far, most recently singing her hits to fans at three sold-out stadium shows in Foxborough, Massachusetts, over the past weekend. For one of those concerts, a father said he spent $21,000 on a reseller site to get four tickets for his daughter and her friends after a ticketing issue.

Swift’s sold-out performances at Foxborough had been preceded by the same for her three shows in Nashville, Tennessee, and her three dates in Philadelphia.

John Simson, the director of the business and entertainment program at American University’s Kogod School of Business Management Department, told FOX Business her tour is having a "huge effect" on local economies, noting there is "maybe a handful of artists who are at that level where people are willing to essentially buy a ticket wherever they can and then travel," including her.

He pointed to a Live Nation-commissioned Oxford Economics study, published in 2021, that said live events such as concerts brought $55.2 billion of direct spending to local economies overall in pre-COVID 2019, $32.6 billion of which came from visiting overnight attendees and daytrippers. It also said a $100 purchase of a concert ticket by a non-local attendee would come with about $330 in spending in the local economy.

"So double that [per-ticket additional spending] for Taylor because obviously the ticket prices are at least $200 on average, maybe even higher from all the reports," Simson said.

Some local sectors of the economy that have benefited from Swift being in town include restaurants, hotels, transportation and recreation.

Local museums, clubs, malls and other venues also see positive impact from spending that coincides with Swift’s tour, according to Simson. Other concerts in town can as well.

"The other factor that may impact this is when you have a show in Foxborough, it’s very different than if you have a show that’s in the city because obviously there’s way more in terms of restaurants and other things to do," Simson said. "Like if you went to Taylor Swift in Nashville, maybe you’d go to the Wildhorse Saloon or the Grand Ole Opry. You’d make a trip of it, and you’d add two or three more things."

Nearly 212,000 total people attended Swift’s three shows in Nashville, including some 71,000 on May 7, according to the Nashville Convention & Visitors Corp (NCVC). Per the organization, attendance records were set on a single-event and weekend basis for Nissan Stadium.

Guests attend night three of Taylor Swift | The Eras Tour at Nissan Stadium on May 7, 2023 in Nashville, Tennessee.


"As an anchor of a star-studded weekend in Music City, Nashville’s hotel occupancy rate reached a staggering 97% at the peak of Taylor Swift’s Eras Tour," Nashville Area Chamber of Commerce CEO Ralph Schulz said in a statement to FOX Business. "With three sold-out concerts, the tour generated tens of millions in direct visitor spending, boosting local businesses and supporting job growth, while also showcasing Nashville as a premier destination for music enthusiasts worldwide."

Nashville had other events that weekend, including a brewing-related convention, a show by Janet Jackson and three nights of stand-up from Trevor Noah, according to the NCVC. Three universities also had graduations, one of which Oprah Winfrey delivered the commencement at.

In other cities like Phoenix, Houston and Tampa, Florida, hotels saw notably high occupancy rates on the weekends Swift performed, according to local reports.

What a musician makes per-show on tour varies, as each out "has different economics," Simson said.

Many artists have various people like agents, managers and business managers they work with that each take percentages from the shows, he explained. He said the performers get to renegotiate such terms to "make them more reasonable" as they become more popular.

The number of tickets sold, their prices and the capacity of the venue also factor in.

"I would think $5-6 million grosses are probably in the ballpark of what [Swift] is doing right now," Simson said.

Swift’s entire U.S. Eras Tour could generate $642 million to $728 million, according to a March estimate from music industry publication Pollstar.

Fans will next see the singer in East Rutherford, New Jersey for a trio of dates starting Friday.

Taylor Swift performs onstage for night three of Taylor Swift | The Eras Tour at Nissan Stadium on May 7, 2023 in Nashville, Tennessee.


Swift’s three-hour-long concerts, her first since 2018, feature "Shake it Off," "Fearless" and a slew of other hits, plus two surprise songs, according to reports. Many fans who could not land tickets have "Taylor-gated" outside the stadiums to hear her live.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Israel Offers $5 Million for Each Gaza Hostage Freed
Israeli Strike Severely Disrupts Iran's Missile Production, Reports Saudi News
Blinken Sees Opportunity in Hamas Leader's Death
Israel Eliminates Successor of Hezbollah Leader Hassan Nasrallah
Global Unrest: Kenyan Political Tensions, India's Air Quality Crisis, Uganda's Opposition Trials, and Gaza's Humanitarian Plea Amid Israeli Offensive
Israeli Airstrike Targets Hezbollah's Financial Resources
Global Tensions and Cultural Engagement: North Korea's Alleged Troop Support for Russia, King Charles' Visit to Australia, and More
Iran Warns Biden on Israel Support Amid Rising Regional Tensions as Arab American Voters Poised to Sway 2024 Election
Regional Turmoil: Railway Safety Protests in Egypt, Humanitarian Crisis in Gaza, and Rising Tensions with Hezbollah and Iran
Global Tensions and Humanitarian Missions: WHO's Evacuation Efforts in Gaza Amid Rising Conflict Concerns
Global Tensions and Challenges: US Defense Moves, Rising Polio Cases, and Calls for Climate Leadership
UN Experts Warn of Complicity in War Crimes Supporting Israeli Occupation; Global Leaders Grapple with Geopolitical Crises
Global Crisis Update: Belgian War Crimes Investigation, Singapore Terror Plot Foiled, and Rising Middle East Tensions
Geopolitical Tensions Escalate: Lebanon-Iran Dispute, Macron's UN Defense, and North Korea’s Role in Ukraine
Biden Reinforces Transatlantic Ties in Germany as Middle East Tensions Escalate with Key Hamas Leader's Death and UN Peacekeepers Under Threat
Global Shifts: Fuel Crisis Drives Change in Nigeria, Diplomatic Overtures in South Asia, and Rising Tensions in Korea
Global Tensions Surge: German Warship Intercepts Drone, Jakarta Braces for Prabowo's Inauguration, and Israel Eliminates Hamas Leader
Xi Jinping Urges Troops to Prepare for Conflict Amid Taiwan Drills
Netanyahu Condemns Alleged Hezbollah Assassination Attempt
Israeli Leaflet Campaign in Gaza: A Critical Update
Espionage Tensions, Global Crises, and Calls for Humanitarian Action Define Geopolitical Landscape
Global Tensions Rise: New Sanctions on North Korea, Sudanese Refugee Crisis, and Shifts in U.S. and European Policies
Global Tensions and Political Shifts: Key Developments in Indonesia, U.S., Malaysia, China, Turkiye, and the Middle East
Southern Africa's Historical Drought Crisis Amid Global Tensions and Strategic Alliances
Biden Praises Israel's Military Action Against Hamas Chief Yahya Sinwar
Yahya Sinwar’s Death Marks Pivotal Moment in Gaza War
Global Conflicts Escalate: World Bank Warns of $20 Billion Damages in Gaza, U.S. and International Tensions Rise
Hezbollah Deputy Chief Calls for Ceasefire Amidst Escalating Conflict with Israel
US Warns Israel of Potential Aid Cuts Over Gaza Assistance Delays
Meta Faces Legal Battle Over Teen Social Media Addiction
U.S. Criticizes Israel's Tactics in Beirut Amidst Humanitarian Concerns; Italy Opens Controversial Migrant Hub
Amid Israel-Hezbollah Tensions, France Evacuates Citizens; Global Leaders Urge De-escalation and Aid Efforts
Macron Urges Netanyahu to Honor UN Resolutions Amid Rising Tensions; Global Protests and Diplomatic Summits Highlight Complex Geopolitical Climate
Escalating Tensions: Israel's Planned Retaliation Against Iran Amid Global Geopolitical Shifts
Rising Tensions in Lebanon and Israel: Sectarian Strains and Military Moves Amid Humanitarian Efforts
Global Tensions and Political Shifts: UN Concerns in Tunisia, Italian Troop Security, Afghan Resettlement, and Strategic Alliances Forming
President of Venezuela Nicolás Maduro: "Long live Venezuela, long live Palestine, long live Lebanon. May their fights for freedom and dignity live on!
Regional Tensions Escalate: Iran and Israel Clash, U.S.-Philippines Drills Stir Southeast Asia, and Singapore Faces Legacy Dispute
Russia's Call for a BRICS Financial System Alternative
Israel Vows to Limit Retaliatory Strike on Iran to Military Facilities
Rising Geopolitical Tensions: UN Highlights Lebanese Child Displacement as U.S. Faces Shifts in Middle Eastern Alliances
Hezbollah's Drone Strikes Intensify Israeli-Lebanon Tensions, Prompting Global Security Concerns
International Tensions Escalate: Sweden's Qur'an Burning Trial, China's Diplomatic Moves in the Middle East, and Global Protests
Middle East Tensions, Nile River Pact Disputes, and Global Health Initiatives Highlight Complex International Challenges
Tensions Soar Globally: London Murder Trial, Middle East Conflicts, and UK's Landmark Anti-Zionism Ruling
Netanyahu Urges UN to Relocate Lebanon Peacekeepers Amid Escalating Tensions
EU Sanctions Iran for Arming Russia Amid Ukraine War; Global Tensions Escalate
Ukraine Strikes Deep in Russia; EU Denounces Israeli Attacks on UN Peacekeepers; Archaeologists Uncover Secrets of Petra's Hidden Tomb
Escalating Middle East Tensions and Global Shifts: Key Developments from Gaza to Southeast Asia and Europe
Global Tensions Surge: Iran's Missile Strikes, U.S. Security Concerns, and Regional Conflicts Intensify
×