Swiftonomics
We recently explored how a company's culture impacts a team's overall success. I believe Taylor Swift is a successful business leader who embodies the current cultural zeitgeist, as evidenced by the ongoing success of her Eras World Tour.
Yes! You read that right: Taylor Swift is undeniably a business leader in every aspect. Looking at the elements that make a great business leader from Slater Success’s approach, Taylor Swift is both a business and a brand. She captures the essence of our four core business pillars --- Finance, Marketing, Sales, and Team.
Finance
You’ll recognize my constant mantra of “What Do The Numbers Tell Us?” Numbers, you ask? Look no further than the latest term that has entered the business lexicon, inspired by Taylor Swift’s record-breaking $1 billion+ earnings from her current tour:
“Swiftonomics”:
The economic influence of Taylor Swift. In 2023, Swift embarked on her Eras Tour, a global series of shows that has become the highest-grossing tour on record, with a gross of more than $1 billion.
Marketing
Forbes characterizes the nature of her iconic business influence, as follows:
“She prioritizes authenticity, vulnerability, and genuine human connection in her interactions with fans, which has helped her build a strong and enduring brand. Be like Taylor by being authentic and transparent, staying true to your values, and building genuine connections with your customers.” Feb 21, 2024
Sales
The Eras Tour has been credited with boosting local economies across the U.S. “Swifties” have flocked to the cities that host concerts to spend money on lodging, food, transportation, and merchandise.
According to Wikipedia, The Federal Reserve credited Swift with boosting the US economy at large. According to Bloomberg Economics, the Eras Tour contributed US$4.3 billion to the GDP of the US. In urban areas, the tour significantly boosted the hospitality industry, including hotels, local businesses, and tourism revenues by millions of dollars.
Aside from the Eras Tour boosting the local economies of the cities it visits, Taylor Swift has been giving back to the communities where she plays. From Georgia to Michigan to Texas to California and in between, food banks have benefited. The importance of giving back has been a strong value of Slater Success since our inception in 2008.
Team
A revealing anecdote demonstrates Taylor Swift's appreciation for her team, particularly her respect for the truck drivers transporting her show's equipment across the U.S. The American leg of the tour concluded extremely well and better than expected. and Taylor Swift was moved to show her appreciation for truck drivers’ hard work by giving each a $100,000 ‘gratuity’. The average income for a U.S. truck driver ranges from $89,000 -> $140,000, so this additional money was a life-changing doubling of their yearly 2023 earnings. Talk about a human connection.
See CNN story for more.
Taylor Swift University
Colleges and universities are embracing the popularity of Taylor Swift and offering courses on the singer, studying her lyrics, legacy, and pop culture reign.
So far in 2024, these universities have announced that they will offer courses based on the singer Taylor Swift and/or "Swiftonomics:”
Berklee College of Music
Brigham Young University
The University of California, Berkeley
Bowling Green State University
The University of Florida
The University of Delaware
The University of Miami
The University of South Florida
Stanford University
Source: https://www.bestcolleges.com/news/these-colleges-have-taylor-swift-classes/
The musician's Eras Tour, which began in 2023 and continues throughout 2024, has been extremely beneficial for local economies and the U.S. economy as a whole. The power of Swiftonomics continues to prove itself as Swift's tour continues its international leg, boosting local economies worldwide.
Taylor Swift's brand has the transcendent ability to appeal to people of all ages. Teens and tweens are big fans, and parents who take them to the concerts also adore her. I know people in their 20s and 30s traveling to Europe to attend her concerts and planning their summer vacations around the event.
She continues to raise the bar and then meets the bar she has raised. This is a business and a brand to watch and continue to look at from a business perspective.
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