Taylor Swift's Eras Tour's astonishing economic impact and reason behind unmatched success
Taylor Swift's Eras Tour has had an astonishing economic impact, but there's a reason for its unmatched success.
Taylor Swift's voice breaks during emotional Chicago performance
You'd have to live under a rock to have not heard about Taylor Swift's Eras Tour.
Even if you're not a fan of the singer it's unmistakeable: it is a great success.
The Bad Blood singer kicked off the tour in March and it's been sending shock waves (literally) throughout the world ever since.
Only a third of its way through, Swift's Eras Tour is slatted to become the biggest tour of all time.
Popularity aside, the 33-year-old singer's tour has also reinvigorated the ecomomies of each of the cities she's performed in over the last five months.
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The thousands of fans who have come to see her perform boost revenue for businessess in the surrounding areas.
The Eras Tour numbers say it all.
According to Time, there's a projected gross of $2.2 billion in North American ticket sales alone.
There's also been hundreds of millions of streams of the artist, reaching a nearly 80% spike in those listening to her music catalog. She earns about $8.5 million a month in album sales alone as fans pay astronomical amounts for tour tickets.
After 53 shows, the first U.S. leg of the Eras Tour came to an end on August 9.
Swift originally announced only 27 shows, but added new dates in cities like New Orleans, Indianapolis, and Toronto, which are all looking forward to a local economic boost as well.
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Eras will go international this month, with four shows in Mexico City.
It'll continue its five-continent run through November 2024.
Swift’s tour is in its own little bubble it seems, becoming greater than any tour from veteran rockers like The Rolling Stones, who've been touring the world for decades.
The singer is also outperforming her fellow contemporary artists like Harry Styles, Beyoncé, and even Adele, who has a sold-out Las Vegas residency.
There are many reasons for Swift's success with the Eras Tour.
Nora Princiotti, staff writer at The Ringer and co-host of the podcast of Every Single Album: Taylor Swift, credits part of the tour’s success to the popularity of Swift’s music catalog.
She explained: “I don't know that anybody envisioned a tour of this scale ever happening. She can go three and a half hours and just hit after hit after hit."
The tour's timing is key too.
In the post-pandemic world, fans are craving to return to big and small venues to see their favorite artists perform.
Alice Enders, a music industry analyst at Enders Analysis and a former senior economist at the World Trade Organization, added: “We are in an experience economy where people crave going out and participating in social events. It's no surprise that people are flocking to this Eras Tour experience in what is increasingly an otherwise digital environment we live in.”
Fans love Swift especially because she has a deep connection with her music and brand as a whole. She writes all her songs and protects them.
Analysts estimate that Swift's Eras Tour will likely surpass the $1 Billion mark next March, and if that happens, the singer will have achieved the biggest tour in music history.
Elton John's multi-year farewell tour, which ended earlier this summer, holds the current record of $939 million.
By next March, the Eras Tour wouldn't even be close to finishing, continuing for another seven months before concluding in November of 2024 in Toronto.
