When the Pop superstar becomes the most influential “CEO” of 2023

In 2023, female singer Taylor Swift achieved remarkable achievements, not inferior to any Fortune 500 business leader.

According to CNN, 2023 is a year dominated by Taylor Swift, not only as a musical artist but also as a businessman: Her trademark “The Eras Tour” tour sold out stadiums across the globe, fans splurged on concert merchandise, while the tour film broke opening weekend box office records. premiered and the female singer herself became a billionaire along the way.

Taylor Swift has achieved remarkable achievements that are not inferior to any Fortune 500 business leader. She commands a loyal fan base who are willing to spend and in the economy. The economy is largely driven by consumers, which is a huge success.

“She is a person of influence as well as shrewd business experience,” said Armen Shaomian, associate professor of sports and entertainment management at the University of South Carolina.

In recent times, there hasn’t really been any other business leader who has generated as much goodwill with customers, acceptance from the international community or such business acumen.

That is also the reason why Taylor Swift won the CEO of the Year award honored by CNN Business (CNN Business’ CEO of the Year).

Commercial success

Ticketing company StubHub said The Eras Tour was the biggest tour in the company’s two-decade history, surpassing other ticket sales records.

Swift herself has not officially announced revenue, but some estimates show that the tour has earned a 10-digit amount of money. Previously, Pollstar estimated that the first 60 shows of the tour had grossed more than $1 billion.

An analysis shared exclusively with CNN in early 2023 predicted that Swift’s North American concerts alone could bring in more than $2 billion in revenue, making it a top-grossing tour. highest ever.

Swift’s gravitational pull is so strong that fans have aggressively bid for tickets on the resale market. SeatGeek said the average resale price of an “Eras” ticket was $1,607, up 741% from her “Reputation” tour in 2018, where the average resale price was $191.

The tour itself was like a moving bubble in the economy, traveling throughout major American cities, attracting fans with a strong desire to spend.

Hotel rooms in cities hosting Eras shows are filling up quickly, with retailers reporting an influx of concert-goers looking for clothes that match the tour’s theme. tour, and a Federal Reserve report even showed how the tour positively impacted hotel revenues in Philadelphia.

Swift’s business acumen

What really highlights Swift’s business acumen is how she leverages her fans’ fervent enthusiasm to drive even more sales. When they’re ready to open their wallets to buy tour merchandise like shirts, sweaters, hats, posters and other merchandise.

CNN thinks this is a great case study that comes from understanding customers and giving them what they want.

“The sales aspect of the tour is important because it allows fans to take home some of the experience,” said Mr. Shaomian of the University of South Carolina.

“Even if only a quarter of the people standing in line hours before the stadium opened bought something, that would easily generate at least $1 million in sales a night,” he said.

That’s not including items on online platforms. From guitars to nail decorations,… Taylor Swift has given passionate fans the motivation to spend more, and they have essentially followed that outlined trajectory.

Not stopping there, Swift’s business strategy has gone beyond the concert stage to the big screen, once again taking advantage of the enthusiasm coming from her unique tour.

The singer-songwriter released a film about this year’s shows in mid-October, titled “Taylor Swift: The Eras Tour.” According to theater chain AMC, the film grossed a staggering $96 million in its opening weekend in the US and Canada. That made it the highest-grossing concert film in the country in its opening weekend.

“It took less than 24 hours for Taylor Swift concert film The Eras Tour to break AMC’s U.S. record for highest single-day ticket sales in the company’s 103-year history,” AMC said.