By Cole Anderson, Andy Archuleta, Common Sense Institute | International music superstar Taylor Swift is in the middle of what could be the single highest grossing music tour in history. Swift is currently traveling the country on her ‘Eras’ tour which features 52 shows in 20 venues across the U.S culminating with a finale in California this August. The tour also recently added an international leg that will feature shows in Europe, Australia, and Asia bringing the total number of shows to over 100 and extends the tour into the summer of 2024.
The massive reception from fans to see Taylor Swift perform live has also generated a lot of interest from the broader public on the economics behind the tour. Numerous news outlets have covered stories on the financial implications for Swift, herself, and different local markets. This report summarizes existing analyses and estimates both direct and dynamic impacts the tour will have, demonstrating just how significant the economic impact will be to Colorado when Swift performs live at Empower Field on July 14th and 15th
Key Findings
● Taylor Swift’s two Denver Eras shows are estimated to contribute $140 million to Colorado’s GDP.
● Recent polling of Eras concertgoers indicated they spend an average of $1,327 on all show-related expenses such as tickets, travel, merchandise, lodging, and food.[i] This amounts to more than $200 million in direct consumer spending associated with the Denver concerts.
● Swift’s two Eras shows in Denver will generate an estimated $38 million in ticket sales, equal to 63% of Red Rock’s total ticket sales in 2022 of $60 million.[ii]
● The totality of Taylor Swifts’ U.S tour could generate $4.6 billion in total consumer spending, larger than the GDP of 35 countries.[iii]
Historical Revenue
The Eras tour has not only proved to be the hottest ticket of the year but could go down as the hottest music ticket of all time. The tour has grossed an estimated $300 million in just 22 shows for an average of $13.6 million per show. Of the top 3 grossing tours of all time, Swift’s per show gross is over double the next highest of $6.69 million, as shown in Figure 1. Therefore, it has grossed 34% of the revenue of the highest grossing music tour of all time, in just 7% of the number of shows.
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Go here to read the full story with graphics and projected incomes for local businesses:
https://commonsenseinstituteco.org/swiftonomics/
[Thanks to Alex Teitz for contributing this article! http://www.femmusic.com]
July 20, 2023| Music-Related Business| Barb Dye