Global music icon Taylor Swift has not only been making waves with her chart-topping hits but has also emerged as a major moneymaker.
The artist’s recent Eras Tour, which has become the most profitable concert series in U.S. history, has had a profound impact on various sectors, from hospitality to retail, pumping billions into the economy.
Projected to rake in an astonishing $4.1 billion, the Eras Tour is setting records, with Swift expected to retain about 85% of the revenue. With an average ticket price hovering around $456, the earnings from the tour alone surpass the annual GDP of several smaller countries, according to Washington Post.
But it’s not just about ticket sales. A study by software firm QuestionPro highlighted that fans shelled out an average of $93 million per show, accounting for tickets, merchandise, travel and accommodations.
In total, the U.S. leg of Swift’s tour could infuse a staggering $5.7 billion into the national economy.
Employment opportunities also reportedly saw a spike, especially in the hospitality sector. Businesses ramped up hiring to cater to the influx of fans. For instance, during Swift’s Philadelphia concert, the average hourly wage jumped to $20.57, marking a $2 increase from the typical rate.
Merchandise sales played a pivotal role too, according to the Washington Post. Inside concert venues, fans queued up for exclusive tour items. Outside, entrepreneurs, including an Etsy seller who earned around $15,000 selling Swift-inspired bracelets, capitalized on the Swiftie phenomenon.
While the U.S. has already felt the “Swift effect,” the international leg of the Eras Tour, covering continents from South America to Europe, is set to further boost her global impact.
Considering her current estimated net worth of $780 million and the anticipated earnings from projected ticket sales totaling $4.1 billion, Swift’s total wealth would surge to $4.265 billion by the tour’s conclusion, positioning her on par with Silicon Valley entrepreneur Jeff Rothschild and above Washington Commanders owner Dan Snyder on the Forbes billionaires list, assuming the latter two’s net worths remained unchanged.
Produced in association with Benzinga
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