2023-07-16 21:59:02
Taylor Swift, in a concert at Madison Square Garden REUTERS/Caitlin Ochs
Just as in Sweden, the singer Beyoncé was blamed for the fact that inflation was higher than expected in May, due to the spending frenzy that it caused during her visit to Stockholm, the Swedish capital, one of the stages of her global tour, now the The US Federal Reserve pointed to Taylor Swift, the most successful pop singer today and on a global scale, to explain the level of consumption and spending, for example, in hotels, due to the impact of her “Eras Tour”, a tour that will cover a total of 131 concerts in 17 US states and 5 continents and that in November will bring her to Buenos Aires, where she will give 2 recitals at the River Stadium, the brand new Argentine soccer champion.
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In its June “Beige Book”, in which it records the reports of the “Federal Reserves” that make up the “Fed system”, the North American Central Bank highlighted the “Swift effect”, due to the impact that the 3 concerts of Taylor in Philadelphia had on the “consumer spending” of that part of the country.
An excerpt from the “Beige Book” says that May was the strongest revenue for Philadelphia since the start of the pandemic (that is, in more than three years) “largely due to the influx of Taylor concertgoers Swift in town.
The headline of an American medium, highlighting the “Swift effect”
The singer gave three concerts at the “Lincoln Financial Field” on May 12, 13 and 14 in Philadelphia and in mid-June she gave another concert in Pittsburgh, another large city in Pennsylvania.
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According to data from Booking.com As reported by Business Insider, hotel rates have tripled in some of the cities where Swift has performed, including Pittsburgh, Minnesota and Kansas City.
In addition, he highlights, the occupancy rate in Allegheny County, one of the “eras” of Swift’s tour of the state of Pennsylvania, was close to 100% and the reservation and ticket sales platforms might not support the vertical increase in traffic . Something like this also happened in Argentina, where the artist sold out pre-sale tickets for her concerts on November 9 and 10 in River in less than an hour.
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This weekend, following Swift’s performance in Denver, the Common Sense Institute estimated that the concert would add regarding $140 million to the GDP of the State of Colorado thanks to an influx of 75,000 fans and more than $100 million in direct spending. of consumption.
An excerpt from the Fed’s “Beige Book” highlighting the “Swift effect” in Philadelphia, Pennsylvania
According to Common Sense calculations, the US leg of Swift’s “Eras Tour” alone will generate US$4.6 billion in consumer spending, more than the GDP of 35 countries around the world.
The cost of tickets to Swift’s concerts in the US, of up to almost USD 1,000 without considering the resale, made Morning Brew, a US finance site, do the math and came to the conclusion that it would be cheaper for an American to buy a round-trip air ticket to travel from Los Angeles (California) to Buenos Aires and see the artist in River before doing it in the different “Fields”, “Arenas” and “Stadiums” where she performs in the northern country .
Taylor, in concert (AP Photo/Ashley Landis, File)
Even so, Paul Krugman, the 2007 Nobel Prize in Economics, wondered in one of his columns in The New York Times if Taylor Swift is “underpaid,” comparing the number of people who attend her concerts with those of others. artists in other times and how much they were paid in relation to their time.
Live concerts, and international tours in particular, are one of the ways that mega-stars like Swift have found to improve their slice of the musical pie following years of losing bargaining power and part of the income they generate to hands of record labels and different platforms.
According to a recent report by Forbes magazine, Swift has a personal fortune of USD 740 million, her Eras Tour will collect USD 620 million in tickets and the maximum price that was ever paid in resale in the US was $92,149.
Taylor, whose fans are known as “Swifties,” has 260 million followers on Instagram, 93 million on Twitter, more than 52 million subscribers on YouTube and regarding 85 million monthly followers on Spotify.
At just 33 years old, he has come a long way.
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