Taylor Swift has been able to “monetize her talent” in an era where “artists have lost millions” due to new technology.
Swift’s net worth surpassed $1 billion in October, with the Eras Tour and her recent rerecorded albums pushing the pop star to a net worth of $1.1 billion, according to Bloomberg.
The “1989” singer-songwriter is one of the few musicians to achieve this financial feat with just music releases and performances, the outlet reported.
“Taylor is in a unique position, in terms of monetizing her talent. In an era where artists have lost millions — as album sales gave way to digital downloads — she’s actually riding the tech wave, instead of going out with the digital tide,” branding expert Doug Eldridge told FOX Business.
Swift, 33, opened the Eras Tour in Arizona in March. She traveled across the U.S. throughout the summer, wrapping up the first leg of the tour in August in Los Angeles. The tour itself, which includes international stops, is projected to bring in $1.5 billion, depending on ticket prices, Forbes reported.
“[The Eras Tour] is not only the largest domestic tour gross in U.S. history — which generated an eye-popping $4.6 bilion in consumer spending — but will also surpass $1 billion on the international leg of Eras, making it the largest tour in world history,” Eldridge said.
Swift also took her tour to the big screen. “Taylor Swift: The Eras Tour” premiered Oct. 13 exclusively in theaters and brought in $92.8 million on its opening weekend. Until Dec. 13, fans can only view the concert film in theaters — encouraging people to buy tickets.
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But on Dec. 13, “Taylor Swift: The Eras Tour” will be available for fans to rent via streaming platforms.
“Well, so, basically I have a birthday coming up and I was thinking a fun way to celebrate the year we’ve had together would be to make The Eras Tour Concert Film available for you to watch at home!” Swift announced on social media. “Very happy to be able to tell you that the extended version of the film including ‘Wildest Dreams,’ ‘The Archer’ and ‘Long Live’ will be available to rent on demand in the US, Canada & additional countries to be announced soon starting on… you guessed it, December 13.”
It’s likely Swift’s concert film will eventually live on a streaming platform as part of the subscriber’s regular content — the same way Netflix is the home for “Taylor Swift’s Reputation Stadium Tour.”
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Swift has essentially transformed the music industry for female artists, according to Dr. Sonja Stribling, retired U.S. Army Major and author of the upcoming book, “From the Battlefield to the Boardroom.”
“It is not just the money she is making, which is very important, but she is creating a pathway for other people to follow,” Dr. Stribling told FOX Business. “I know without a doubt that her and Beyoncé have had a conversation about this because they are paving the way for others to follow. They are the first of many — especially for women — leading the way. So, it’s not just billionaire status, but Taylor is about to go down in history of setting high goals for others to want to achieve.”
“I know that only 1% of this population in the industry that she operates in, and maybe even less than that, will achieve what she has achieved, and she makes it look so simple,” she added.
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The “Midnights” singer-songwriter isn’t just finding new ways to earn money in this digital era, she’s building a “legacy,” Dr. Stribling told FOX Business.
“It is way beyond billions — it’s a legacy that she is building for her to go down in the books of being the first or one of the firsts,” she explained. “Simply because she started to date an NFL player (Kansas City Chiefs tight end Travis Kelce) — I can’t even watch a football game without them showing Taylor Swift’s boyfriend at the game. This is all about a brand.
“Scaling beyond the numbers of billionaire status — she happens to be extremely talented in what she does, but she’s also doing some things that the other 99% just will not do and will not even come close to doing.”
And for Swift, her priority is her fans.
The global pop star routinely leaves “Easter eggs” in her songs, music videos, social media posts and even sometimes her clothing to hint at upcoming music or other events. The “Easter Eggs” have become puzzles for her fans to attempt to put together.
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Swift’s fandom and her music have allowed her to reach billionaire status, Dr. Marcus Collins, author of “For the Culture,” told FOX Business.
“When a musical artist ascends to billionaire status, it’s typically because of their portfolio diversity, endorsements and other branded products,” Dr. Collins said.
“But Taylor has amassed the lion’s share of this wealth by the strength of her community and the power of their network effects,” the marketing professor at the University of Michigan added. “Taylor has spent her career nourishing her community. Even when she had big hits, she would invest in doing small, intimate shows for her people — the Swifties. Her pouring into this community is now paying dividends — potentially, billion-dollar dividends to boot.”
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FOX Business’ Larry Fink contributed to this report.