After nearly two decades in the music industry, Taylor Swift has achieved an incredible milestone, officially entering the billionaire’s club. This remarkable feat is the talk of the town, coinciding with her highly successful Eras Tour that’s causing quite a sensation and a box office hit film. Furthermore, her re-recording of the nine-year-old album, 1989, is poised to be one of this year’s best-selling records. Bloomberg reports that the 33-year-old singer now stands tall among billionaire artists, alongside renowned figures like Jay Z and Rihanna. What sets her apart is that she’s one of the few entertainers who’ve attained this status purely through their music and performances.
As per the news portal, “Her prolific songwriting, negotiations around streaming and shrewd decision to re-record her first six albums have enabled her to create massive financial success at a time musicians have lost clout in the industry. The close relationship she’s cultivated with her millions of ardent fans has led to a more unified demographic than just about any political party, evidenced by the swapping of beaded Swift-inspired friendship bracelets that’s become a universal rite among concertgoers.”
Among all the records, Taylor Swift’s 53 Eras Tour concerts this year contributed $4.3 billion to the country’s gross domestic product. While various estimates of her earnings from her tour exist, Bloomberg’s analysis relies on assets and earnings confirmed by publicly available data, which includes her music catalogue, which is valued at $400 million and her 5 properties which collectively cost $110 million. An additional $370 million comes from ticket sales and merchandise, while her earnings from streaming platforms like Spotify and YouTube are $120 million. The highly successful Eras tour alone collected over $700 million from ticket sales.
Carolyn Sloane, a labour economist at the University of Chicago said, “In addition to being a generational talent, Taylor Swift is a great economist. Taylor has great ideas, is able to scale her ideas and seems to be pretty risk-seeking.”
While, Chris Leyden, director of growth marketing at SeatGeek, told CNN, “Taylor Swift’s ‘Eras’ tour is rewriting the playbook of entertainment economics. She’s not just a performer — she’s an economic phenomenon.”
In 2019, Taylor Swift announced that she would be re-recording her first six studio albums after her former label sold her master recordings. So far, she has released Taylor’s Version albums for Red, Speak Now and Fearless. Reportedly, the pop star still has 89 more shows left in her Eras Tour, which is expected to further boost her already impressive net worth.
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