November 1, 2023 3:00 p.m
Taylor Swift is undoubtedly one of the most relevant and influential singers in the world right now. His music generates stratospheric profits, his albums are always at the top of sales, his tour was sold out at every stop and even the film adaptation had considerable success. The combination of these achievements has led to the American singer being officially included in the list of the richest people in the world net worth of $1.1 billion, according to Bloomberg. Great recognition is due to the success of the singer’s aforementioned tour era tour, along with the great worldwide box office performance of its film adaptation.
She’s certainly not the only singer to join the billionaire club, as Jay-Z and Rihanna also joined one before her; However, what sets Taylor Swift apart from these artists is the fact that her fortune was built almost entirely thanks to music. While Jay-Z and Rihanna can expect sales spanning various areas, from alcohol to fashion to sports.
How the singer improved the American economy
The Eras tour generated as much money as the economies of small countries, he added $4.3 billion to U.S. gross domestic product. But that’s not all: Along with Beyoncé, they also received recognition this year for boosting the economies of the cities they visited, as fans traveled from all over the country to attend the singers’ performances. The impact was significant enough to attract the attention of a wide range of stakeholders, from local small business owners to the Federal Reserve. Last month, the Federal Reserve’s Philadelphia branch reported that hotel bookings ahead of Taylor Swift’s arrival in the city saw the strongest growth since the start of the pandemic.
The singer’s success prompted Eric Winograd, director of economic research at AllianceBernstein, to update the numbers upward from the start of the year. US GDP forecast is almost 1.5% for 2023on the grounds that they were changed precisely because of Taylor Swift, Beyoncé and the movie Barbie.
According to Winograd, the good news is that singers’ tours, including Taylor Swift’s, would not have had the huge success that they did if consumers had not been able to purchase tickets, travel and attend to take part in the tours. This means that fan engagement and their ability to attend live events are key factors in the success of these tours.
It is important to remember that in July of the previous year, the tours of artists such as Taylor Swift along with rock star Bruce Springsteen contributed to the creation of inflation, defined as “Funflation“, due to the great interest and high demand for tickets and services related to such concerts.
Taylor Swift: This is how she became a billionaire
And the film version of Swift’s tour also dominates the American box office: On its opening weekend, the film “Taylor Swift: The Eras Tour” grossed $96 million between the USA and Canada, making it the most profitable weekend for a concert film in the history of the United States States. However, he currently has earned just under a million in Italy.
Undoubtedly, Taylor Swift boasts one of, if not the most loyal fan base in the world. Selling tour tickets brought in money 370 million dollarswith an average price of $254 per ticket.
But how did Taylor Swift actually become a billionaire? In addition to the income from the concerts, there were other important factors. He deserved it 400 million dollars from his music published from 2019 to today personal real estate worth $110 million, he cashed in $80 million from royalties and he understood it $120 million from streaming platforms.
Carolyn SloaneLabor economist at the University of Chicago, said that the singer is not only a generational talent, but also a great economist: “She has great ideas, is able to develop them further and seems to be very willing to take risks“.
And Universal’s sales are growing
Cultural phenomenon Taylor Swift then helped boost Universal Music Group’s third-quarter sales. With the release of “Speak Now (Taylor’s Version),” the singer became the first woman to have four albums in the top 10 simultaneously and the first artist since the Beatles to have songs from three different albums in the top 10 simultaneously.
The total turnover was 2.75 billion euros ($2.9 billion) last quarter, in Growth of 3.3% on an annual basis. Gross operating margin was 581 million euros, an increase of 5.1%.