"The market does not respond to pop stars." Jeffrey Campbell, University of Notre Dame
Even if the naysayers are right that Swift isn't a driving force in the economy โ or even a symbol of the spending we've seen in recent months โ that doesn't mean it hasn't changed the game in other ways, however. In terms of the music business alone, she is leaving an incredible mark, say those who follow or work in the industry.
For years, there has been talk about how Live Nation Entertainment's (LYV) subsidiary Ticketmaster has done a poor job serving fans and artists alike. But it took the Ticketmaster crisis that resulted from the sale of Swift's "Eras Tour" to spark a Senate hearing on the issue.
At that hearing, Live Nation president Joe Berchtold defended his company, saying: "The major ticketing companies, including Ticketmaster, do not set ticket prices, they do not decide how many tickets go on sale and when they go on sale. for sale, they do not set service rates. "Pricing and distribution strategies are determined by the artists and teams."
Still, the damage could be done. Politico reported in July that the Justice Department could file an antitrust lawsuit against Live Nation and Ticketmaster. The Justice Department did not respond to a request for comment from MarketWatch.
Holly Gleason, a veteran, award-winning music journalist who also worked in the industry, says Swift's role in the matter is undeniable. And her influence extends further, Gleason notes, noting how the singer is likely inspiring a generation of businesswomen of all stripes.
"Whether you're a little girl who wants to start a business or write a song or publish a book... whatever you want to do, she's the role model that says, 'Hell yeah,'" Gleason says.
Swift also sends a message of another kind, says Damian Bazadona, founder of Situation Group, a New York marketing agency that specializes in live entertainment.
Swift didn't amass a legion of fans in vain, Bazadona explains. She did it by creating hit after hit, from "Anti-Hero" to "We Are Never Ever Getting Back Together" and, yes, "Shake It Off."
He then stitched those songs together into a three-hour, 15-minute "Eras Tour" concert that even the harshest critics praised as a stunning summary of his life's work.
The inherent lesson is that you can't have Taylornomics without talent.
"You have to put on a good show," concludes Bazadona. "People will spend an incredible amount of money on a feeling worth feeling."
In fact, the best news for the stock market may be that while the "Eras Tour" will take place in the United States by 2023, it will resume in October 2024, starting with Swift's performance in Miami. Meanwhile, Swift continues the international leg of her tour in Argentina next month, after playing in Mexico in August.
For her part, Mahon, the New Jersey fan who has already spent $10,000 on Swift's concerts, is looking to keep the party going. She has already made plans to attend the "Eras Tour" stop in Vienna next summer and may add the tour's European closing date in London as part of the same stay, leaving time for sightseeing along the way.
"I want to take a trip," says Mahon.
-Charles Passy
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04-11-23 1319ET
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