Marketing Wonderland: Billion-Dollar Music and Branding Phenomenon

Today's topic revolves around two of my all-time favorites: Music and Brands.

Imagine this: A concert, yes, a concert, having a significant impact on the US economy. We're talking big bucks here—over a whopping 4 BILLION dollars!

Introducing: The Eras Tour by none other than Taylor Swift.

It doesn't matter if you're not a fan of her music, kind of like it, or are an all-out Swiftie enthusiast.

Regardless, get ready to have your mind blown by the financial frenzy ignited by Taylor Swift's brand and marketing prowess.

Let's break it down:

• 60 shows
• Every night, more than 60,000 seats sold out
• Ticket sales exceeding $12 million nightly
• Merch sales ringing in at a cool $3 million each night?

I mean, seriously, what kind of madness is this?

Hold onto your seats as we delve deep into these astonishing times we're living in.

First off, let's talk about the marketing brilliance behind it all.

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Remember Taylor Swift's last tour in 2018? And then the unfortunate cancellation of her 2020 tour? Well, when she announced her 2023 Eras tour, her fans went completely bonkers.

Did her mind-blowing marketing for the tour play a role? You bet.

For me, two standout marketing gems were:

1. Brilliant brand positioning executed flawlessly

The tour is aptly named The Eras tour, where she performs songs from every 'era' of her career. It's like getting the ultimate Taylor Swift experience in a single show.

1. Unprecedented use of social media

How do you promote a concert tour using social media, you ask? Taylor Swift turned it into an infinite loop: Social media informs real life, and then back to social media.

Now, let's talk about those shareable moments during the concert.

• Example A: Picture this—Taylor Swift literally diving into the stage. Yep, that happened.Result? One of the most viral moments ever.
• Example B: The tour features 2 "surprise" song slots during each concert.Consequence? Fans at the concert post about the surprise song. Those not at the concert eagerly wait to find out. And the genius part? Taylor's team listens and adapts.

For instance, if a certain dance move becomes a TikTok trend, she incorporates it into her choreography. Fans go wild, claiming she watches their videos. What's more, this strategy encourages people to talk even more about her on social media. Smart move.

This isn't just about Taylor; it's the Taylor Swift Economy at play.

Think of Taylor Swift as the sun, and local businesses as planets orbiting around her. Sounds grandiose, but generating over $4 billion is nothing short of dramatic.

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Here's how it's affecting different sectors:

1. Hospitality Industry

Fans from around the US and the world travel to witness her show. Chicago experienced a staggering 97% hotel occupancy rate during her weekend performance, with 45,000 rooms booked. Houston saw its highest hotel revenues during her performance weekend. Even a city in Arizona temporarily renamed itself SWIFT CITY during her visit.

1. Retailers

Attending a Taylor Swift concert means dressing up. Fans go all out with outfits inspired by her songs and videos, creating a whole vibe. The result? Shopping galore. Stores create "Swift Collections," and you guessed it—they sell out. Retailers like Amazon, Poshmark, and Francesca all report increased sales during her concerts.

1. Fans and Etsy

Taylor Swift's official merch is pricey and tough to get at the concert. Cue unmet demand. Enter the new side hustle: Swiftie Entrepreneurs selling Taylor Swift-inspired merchandise on Etsy. Think hats, dresses, sweatshirts, bags, and candles. Some are even covering their monthly rent through this business! Is it legal? Taylor Swift has trademarked 200 words (including 'Swiftie'), but that hasn't stopped Etsy sellers from offering knock-offs. Official tour sweatshirt for $75? Etsy knock-off for $45.

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Mind-blowing, isn't it??