Taylor Swift Drops a Huge Surprise on Her Fans

Swift is all over the world gushing about Taylor Swift's latest album The tortured poets department dropped at midnight Eastern and just 2 hours later she announced a surprise album with additional songs Amazon music says it is already the most streamed album in its first day on the platform and of course her fans continued to drive her Fame and economic success to unprecedented Heights even making its way into the classroom leading some colleges to incorporate Swift ecomics into their curriculum for more we're joined by Ryan Herzog associate professor of economics who is doing just that at Gonzaga University Ryan it's good to speak with you um on this day of the launch of The tortur Poets Department tell me a little bit about Swift onomics and the launch of that album and what it means for the music industry at large if you were to incorporate Swift onomics into your curriculum today yeah I mean I think Swift ecomics is really just taking everything Taylor has done and creating the principles of economics Taylor's Edition basically um from everything she's done in terms of releasing her tour ticket pricing all of those Dynamics have certainly contributed to um our ability to incorporate um her story into our classes and and get students more engaged um this album is just another example of her kind of utilizing economic principles to her success so one of the economic principles you mentioned she's utilizing is diminishing marginal utility she's in the middle of her eras tour in Europe uh she's still releasing an album explain how that works yeah I mean with students I talk about for me Easter just passed I love those cadburry cream eggs you have the first one you get a huge satisfaction out of it by by the time You' had four or five of them you're probably getting a little bit of a stomach ache right with Taylor she's been played a ton of times on the radio tons of people have listened to her um her songs are starting to lose some AirPlay right the value you get from listening to one of her hits you know anti-hero crew summer is probably dying a little bit so it's time for a new release she's still on social media she's still getting a ton of attention so the demand for her is there it's now another opportunity for her to get back on the Airways with um new music and of course at some point uh Ryan she's gonna actually be back on tour talk to us about the potential economic impact there was a lot of hay made when we had those big tours uh last summer with her and uh Beyonce uh I've seen some statistics saying that for every $100 spent on an actual concert itself here can translate to something like $200 to $300 extra spent on hotels and other things like that how do you quantify it yeah I mean I think every uh visitor to a city seen Taylor Swift is going to add $3 $400 a night in hotel food merchandise everything else so it's a huge tourism boom if you look at her going back on tour this summer with her heading out to Europe we're seeing entire Industries formed around Tor Swift travel you look at ticket prices in North America the cheapest venue is going to be $2,000 to see her in Miami you can go out and see her in Spain for $500 $600 so Americans are packing up they're traveling over the Atlantic they're planning family vacations in Europe to see her shows is there anyone else that has that type of impact I mean usually when we talk about the economic impact of something coming to town is usually something like you know the Super Bowl the Olympics something that's more than just one person if you will here I mean who else has that kind of clout in power I mean it's the Super Bowl every weekend basically um in a new city she's driving so many people to these venues so many people to the concerts um you know we've we've rocked our brain trying to figure out um who um my author co-author Paul grman he does a lot on Jenny Lind and her success for those that remember PT Barnum lately The Beatles when they made it to America maybe Michael Jackson throughout Europe on his tours but there's very few people I mean Beyonce this last summer obviously made a Splash throughout Europe as well but not many people are are generating the uh Revenue that she is generating

Channel: Bloomberg Television

Views: 5,295

Keywords: Bloomberg, Music, Taylor swift, New music, Entertainment, Concert

Id: pDC_RdMxjb8

Length: 4min 8sec (248 seconds)

Published: Fri Apr 19 2024