Taylor Swift, 33, is now within striking distance of the billion dollar mark.
New Delhi:
The Federal Reserve report released Wednesday featured an unexpected entity: Grammy-winning pop star Taylor Swift.
Ms. Swift’s Eras Tour – 131 concerts across 17 states and 5 continents – has caught the attention of the Federal Reserve for its significant economic impact in the US.
The US Federal Reserve recently released its Beige Book, a summary of commentary on the current state of the economy, which is published eight times a year. The report said hotel bookings in Philadelphia had risen to their highest level since the pandemic began. The report attributed that growth to Ms Swift’s concert dates around the city.
“Despite the slowing recovery in tourism in the region overall, one contact stressed that May was the strongest month for hotel revenue in Philadelphia since the pandemic began, due in large part to the influx of guests for the Taylor Swift concerts in the city city,” the report said.
Ms. Swift performed three concerts at Lincoln Financial Field, a 67,000-seat American football stadium in Philadelphia popularly known as The Linc, on May 12, 13 and 14 this year and returned to the state in mid-June Pennsylvania back.
This isn’t the first time a US government agency has cited Ms. Swift as the reason behind the big economic boom in the local economy. Last month, Choose Chicago, Chicago’s official tourism and marketing organization, announced that hotel occupancy records were broken the first weekend in June, thanks in part to Ms Swift’s sold-out shows.
This has just arrived! 🚨
Chicago set its new all-time record for the total number of hotel rooms occupied!
Thanks to three nights with Taylor Swift, the ASCO Annual Meeting, the James Beard Awards and more.
This isn’t just happening after the pandemic – we’ve had more rooms than we’ve had in Chicago history! pic.twitter.com/OqEGB3ZB2C
— Choose Chicago (@ChooseChicago) June 7, 2023
A wave of arena tours by Taylor Swift, Beyoncé and other big stars has helped revitalize the live entertainment industry after years of pandemic-related cancellations and postponements.
“I’ve never seen so many artists in the same room at the same time,” said Stacy Merida, a professor at American University who studies the music business, as quoted by AFP.
Industry watchers are eagerly awaiting who among the touring superstars could chart the first billion-dollar tour. Swedish inflation fell to 9.7% in May. Some analysts have speculated that Beyoncé’s two concerts in Stockholm may have tipped the scales.
According to AFP, Ms. Swift, 33, is now within striking distance of the billion-dollar mark with 106 actual dates on her “Eras” tour.
If successful, the feat would surpass that of the legendary Elton John, whose Farewell Yellow Brick Road tour, which began in 2018, grossed more than $910 million.
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