Greetings Rhinos!
Today, let’s discuss a figure in pop music whose influence is often compared to that of a country’s president. This individual is none other than TAYLOR SWIFT!!
Economists worldwide have noticed something intriguing about Taylor Swift: her ability to impact a country’s economy and the music industry as a whole. Let’s delve into this fascinating topic.
Changing the Music Scene
If you're a Spotify or Apple Music user, you might have noticed that Taylor Swift has re-released some of her songs under the name ‘Taylor’s Version.’ In the music industry, labels release a song's 'master' alongside the artist. Masters are the original recordings of a song that are released on streaming platforms like Spotify, Tidal, and Apple Music. In this case, Taylor's masters used to be released under a label called Big Machine Records.
Taylor Swift began her music journey with Big Machine Records in 2005, releasing several albums until her contract ended in 2018. However, her masters were later sold without her permission to another company, Shamrock Holdings, for a hefty sum. This move stripped Taylor of control and a significant portion of her earnings from her music.
So, what did Taylor do? She re-recorded her songs and released them as ‘Taylor’s Version.’ This bold move not only allowed her to regain control but also garnered immense support from her fans against the unfair treatment she faced. This strategic move by Taylor has made a huge impact, showcasing how artists can stand up for themselves in the music industry. It's a game-changer and sets a powerful example for others facing similar challenges.
The Eras Tour and the Economy
Unless you’ve been living under a rock, Taylor Swift's world tour called The Eras Tour has been nothing short of monumental. While there are many world tours, The Eras Tour has shattered records beyond any other artist's wildest dreams. Even before reaching its halfway mark, The Eras Tour became the highest-grossing tour of all time. Guinness World Records made it official in December after Swift concluded the 2023 leg. Since she’s still playing shows through 2024, Variety estimates that the tour's earnings could reach an astounding $2 billion by its end.
The tour has been a massive boost for the global economy, with the U.S. Travel Association estimating that it has generated over $5 billion for local economies. This impact extends beyond ticket sales to include revenue from accommodations, airplane tickets, restaurants, and other small businesses in the concert areas.
The tour's impact is so significant that our neighboring country, Singapore, struck an exclusive deal with Taylor Swift. Singapore became the only Southeast Asian country to host The Eras Tour for six sold-out shows. The Washington Post estimates that these shows are expected to bring in $260 million to $375 million in tourism receipts, leading to a 2.9% expansion in Singapore's GDP this year. Now that's crazy!
The entertainment industry is a rollercoaster of highs and lows, but it's always filled with exhilarating moments. Who would have thought that one world tour could have such a profound impact on the global economy? If you're intrigued by the Entertainment and Creative Industry, consider exploring UNIJI’s Entertainment and Creative Industry program as your first step into this exciting world.
Thank you, and see you in the next article!
Chat with us 
