Summer of Taylor + Beyoncé
Taylor Swift, Beyoncé, and Barbie have brought more to the American economy than anyone else this summer - which is why everyone from the NY Times to the Wall Street Journal has written about it. It has been said that Taylor Swift, Beyoncé, and the Barbenheimer films are such blockbusters that they'll add $8.5 billion to U.S. economy in just 3 months.Of course, one bright pink movie and two powerhouse tours have become the symbols of Summer and beyond, and the spending power of women - and women’s stories and narratives - have still largely been undervalued and under attended too. So the hope is that movie and music studios really get it - this is not a one trick pony. Some highlights include (per Buzzfeed):
1. The Eras Tour is set to break records as the first tour to cross a billion dollars in ticket sales alone, as reported by Fortune. One report even estimated that the tour would generate $4.6 billion across US local economies, which takes into account ancillary spending such as accommodations, transportation, and food.
2. An estimate reported by Forbes projects that Queen B's Renaissance tour might even surpass the Eras projection and bring in $2.1 billion.
3. Greta Gerwig's Barbie is on track to be the biggest movie of the year, grossing $155 million domestically on opening weekend and now surpassing $1 billion at the box office globally, as reported by Variety.
4. A survey from research company QuestionPro found that fans spent more than $1,300 on average in order to attend the Eras Tour, which included expenses such as tickets, outfits, and travel. According to the New York Times, Beyoncé fans spent $1,800 on average for the concert.
5. The Barbie movie, which arguably had one of the most impressive marketing campaigns of the year, is now contributing to lasting financial success for its over 165 promotional partners. According to Investopedia, AMC theaters had the best week in its 103-year history thanks to the "Barbenheimer" weekend. And according to virtual fitting room company 3DLOOK, Google searches for "Birkenstock sandals for women" jumped 346% since the premiere.
6. Concertgoers are traveling further than ever this summer to see their favorite female artists, turning what was once an evening affair into a multi-day journey. According to Vivid Seats, attendees to Taylor Swift’s Eras Tour travel on average more than 300 miles to see the show, which is more than double what it was for her 2018 Reputation tour. And concertgoers traveled 46% further to see the Renaissance tour than they did for the 2016 Formation Tour.
7. Taylor Swift even got a shoutout from the Federal Reserve, who featured her in their most recent Beige Book for bringing an "influx of guests" into Philadelphia which contributed to the "strongest month for hotel revenue" in the city.
8. Similarly, hotels maintained a 96.8% average occupancy rate in the city of Chicago the weekend Swift was in town, reaching an all-time record high, as reported by Fortune. An average of 44,383 rooms were occupied each night. And, thanks to two stops to the city on the Eras Tour, tourism was reportedly brought back to pre-COVID levels in Las Vegas for the first time in March.
9. During the July 4th holiday weekend, a period known for heavy travel and vacation, Cincinnati was the #1 trending travel destination on Airbnb, beating out top vacation destinations like London, England, and Italy's Amalfi Coast. Can you guess who was in town?
10. In its second-quarter earnings call for 2023, Universal Music Group (UMG), Swift’s record label, said their merchandising revenue grew 12% in the quarter which they hinted was "fueled by a strong performance from Taylor Swift."
11. In the week leading up to Beyoncé's stop in East Rutherford, NJ, searches for lounges, aestheticians, and nail technicians saw triple-digit percentage increases compared to the prior year, according to Yelp. Additionally, when Bey was in town in Philadelphia, searches for wigs rose 81%, dive bar searches increased 160%, and LGBTQ+ shops showed the biggest improvement across all categories, with a near tripling of searches, Forbes reported.
12. Mattel, the maker of the Barbie doll, saw shares rise over 20% in the month leading up to the release of Barbie.
13. Stubhub told the WSJ that of the top 50 global acts, the average ticket price for female artists is $660, compared with $245 for male artists.
14. Any Taylor Swift fan has probably seen or participated in making Swift-themed lyrics and word bracelets for the tour. A spokeswoman for Michaels Stores told the WSJ that demand for craft beads exceeded the projected supply the company forecasted ahead of the concerts.
15. Taylor Swift reportedly gave over $55 million in bonuses to people working on her tour, which included truck drivers, dancers, riggers, and caterers, according to People.
16. Bank of America reported that card spending on entertainment and clothing both spiked the week of Barbie's release and entertainment sales rose 13%.
17. And lastly, while spending is generally great for the economy, it's less so for our pockets, as evidenced by Beyoncé's tour kickoff in Sweden, which may have caused the country's inflation rate to rise.
Some more articles on the subject:
WSJ: Barbie, Beyoncé, Taylor Swift and the summer of hype
NYT: The Hunger Fed by ‘Barbie’ and Taylor Swift
CNN: Taylor Swift, ‘Barbie’ and Beyoncé are unleashing the spending power of women
NPR: How three female artists lead this summer's billion-dollar pop culture revival