The most well-known singer-songwriter in the world made headlines this year, and her “Eras Tour”—which became the highest-grossing concert tour ever—earned her a prestigious Time Person of the Year award. Furthermore, it was the first to ever surpass $1 billion.
According to Time CEO Jessica Sibley, “Taylor is so unique and remarkable what she’s done, not only as a performer, as a songwriter, as an artist,” on December 6 on Yahoo Finance Live. “She is the CEO of her own brand and a business leader in my opinion. And the outcomes she has led are just astounding.”
During a year marked by stronger-than-anticipated economic results due to strong consumer expenditure,
The Federal Reserve’s July Beige Book report contained the first reference of the Taylor-made economy. Taylor Swift’s three-night engagement at Lincoln Financial Field was praised by the Philadelphia Fed as a positive economic development for the area.
“Multiple contacts reported that the amount of money guests spend at their leisure destinations declined modestly in recent months,” said the research. “Despite the slowing recovery in tourism in the region overall, one contact highlighted that May was the strongest month for hotel revenue in Philadelphia since the onset of the pandemic, in large part due to an influx of guests for the Taylor Swift concerts in the city.”
Additionally, Swift and Barbie were cited at a news conference on strong consumer spending held by the Federal Reserve in July. Even though Fed Chair Jay Powell didn’t specifically mention the pop sensation, analysts weren’t blind to the possibility that Swift’s tour may serve as a larger predictor of the 2023 economic tale.
According to US economist Shruti Mishra from Bank of America, “these events are getting more highlighted specifically because of the situation we’re looking at,” she said to Yahoo Finance in July.
“Is the consumer going to drop?” Mishra continued. Does it still have resilience? Prior to each Fed press conference, FOMC meeting, and simply generally for the economic outlook, those are the most crucial questions.
In October, Swift’s last tour concert was released as a movie on AMC (AMC). According to AMC’s final estimations, “Taylor Swift: The Eras Tour” opened as the top film at the box office and brought in $92.8 million from domestic ticket sales.
According to the theatre chain, the concert movie made the greatest launch of all time for a concert movie with an extra $30.7 million earned worldwide. It also had the second-best opening weekend in the United States for October after 2019’s “Joker.”
“The question is, ‘Will we ever see it again?'” Richard Gelfond, CEO of IMAX (IMAX), spoke on Yahoo Finance Live in October. “In my opinion, Taylor is a unique talent and a real unicorn. There was a lot of publicity for this show.
Wall Street showed even more affection for Swift after the film’s success, mentioning her in a number of 2024 outlooks.
In his 2024 view, David Kostin, chief US equities strategist at Goldman Sachs, stated that “one of the most notable cultural events of 2023” was the beginning of singer-songwriter Taylor Swift’s “Eras” tour.