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Music stars generate huge incomes and revitalize hotels and restaurants

After the pandemic, music stars have revived concerts in arenas as part of their global tours, seeing huge audiences and achieving record revenues, which now feature prominently in economic data, while their work and the tourism movement they attract are generating huge amounts. Income.

Among them is American star Taylor Swift, whose advance sales of tickets for the film, filmed during the first leg of her concert tour, exceeded $100 million in various parts of the world, a week before the start of its performances. Friday, according to a report by “Agence France-Presse” from “AMC”.

Swift’s total tour revenue could surpass one billion dollars by the end of 2024 (AFP)

The high value of bookings reflects the phenomenal success of the “Taylor Swift: The Era Tour” tour, as it will mark the first time that her tour’s total revenue will surpass one billion dollars when it ends in late 2024. in music history, according to American ratings. Even “Polstar,” a magazine specializing in live arts, expected revenue from the tour’s concerts to reach about $1.9 billion.

In early September, US Federal Reserve President John Williams in New York said what he described as the “Taylor Swift factor” had helped boost the US economy in recent months as people spent on parties and hotels. , and all of this was a major event.

Last May, Philadelphia hotels in Pennsylvania saw their highest revenue since the start of the pandemic, “thanks to the influx of visitors to Taylor Swift’s concerts in the city,” an industry official said in a “Big Book” report. By reserve. The Federal Reserve in early July.

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The six concerts in Los Angeles in August led to a $320 million increase in the county’s gross domestic product, noted Maria Seelo, an economist at the British University of Birmingham.

Beyonce’s two concerts in Stockholm contribute to higher than expected inflation rate in Sweden (Reuters)

Star Beyoncé’s concerts have had little impact on the economy, as an economist said two of her concerts in Stockholm, the first of her world tour, contributed to a higher-than-expected inflation rate in Sweden in May.

According to Danske Bank’s Michael Grahn, this is not due to the high cost of concert tickets, as large public demand explains the increase in hotel and restaurant prices.

The international star’s “World Renaissance Tour” tour, which ends on October 1, could reach a total of about $560 million, according to the special “Billboard Bookscore” website, making it the highest-grossing tour for a female artist in history. By the end of last August, the tour had grossed $461 million, surpassing what Madonna achieved during her “Sticky and Sweet Tour” in 2008-2009.

The record is currently held by Elton John, whose farewell tour, “Farewell Yellow Brick Road 2018-2023” grossed more than $910 million.

In less than 10 years, the Korean K-Pop boy band BTS, now on hiatus as many of its members join the military, has generated billions of dollars for the South Korean economy.

In December 2018, Hyundai Research Institute reported that BTS, the first South Korean group to reach number one in song contests in the United States and Britain, brought more than $3.6 billion in annual economic benefits to their country.

By 2022, the Korea Culture and Tourism Agency estimates the economic impact of each BTS concert at 1.22 trillion won (over $900 million).

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BTS has brought more than $3.6 billion in annual economic benefits (AP) to the country.

In a similar vein, more than 50 years after The Beatles disbanded, the city of Liverpool, the birthplace of its members Paul McCartney, John Lennon, George Harrison and Ringo Starr, still attracts fans of the famous foursome. .

There are many sites of interest to visitors, including the Cavern Club concert hall, Penny Lane, the former Strawberry Fields Orphanage, or museums, restaurants and souvenir shops. According to the municipal council, the value of Beatles-related tourism is estimated at around £120 million (about $150 million) a year.

Memphis is a hot spot for fans of rock and roll legend Elvis Presley (AFP).

The rest of the world benefits from their artists, as the US city of Memphis, Tennessee, which includes Elvis Presley’s home (Graceland), is still a destination for fans of the rock and roll legend, while Jamaica preserves the legacy of reggae giant Bob Marley.

For the band ABBA, this contributed to making Sweden the world’s third largest music exporter, after the United States and Britain.

Stuart Wagner
Stuart Wagner
"Professional coffee fan. Total beer nerd. Hardcore reader. Alcohol fanatic. Evil twitter buff. Friendly tv scholar."

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