"Swiftynomics"
The political power of Taylor Swift
Her new album "The Tortured Poets Department" was streamed over 200 million times on the online service Spotify within 24 hours. A record! She is a pop star, an economic factor, an icon, a political phenomenon - Taylor Swift is one of the most fascinating figures of our time. And influential. This also applies to the US presidential election campaign.
Her loyal group of fans can easily keep up with Donald Trump's die-hard MAGA supporters in terms of loyalty. In addition, Taylor Swift, as her own industry, has provided more of a boost in many inflation-hit areas of the USA than Joe Biden's various economic programs were able to. Even if some critics decry her superstar status as an outgrowth of a celebrity-hungry pop culture in the social media age, the "Karma" singer's real political influence on the USA is measurably huge.
There is evidence of the power of "Swiftynomics" in numbers. The 60 performances of her "ERA" tour - she sold 4.3 million tickets for an average of 238 dollars - generated over one billion dollars in sales in the USA alone. Even the sober US Federal Reserve mentioned Swift by name in an official report on the economic recovery of the tourism industry. Using the example of Philadelphia, where hotel bookings had reached pre-pandemic levels in just a single month - "largely due to the influx of visitors to Taylor Swift concerts".
Who benefits from "Swiftynomics"
Even on Wall Street, the effect of "Swiftynomics" is not smiled at. On the contrary. Some of the biggest companies highlighted the singer in their quarterly income statements. The ride-share service Lyft recorded a 35% increase in the last quarter of 2023, "driven by sold-out stadium events such as the Taylor Swift concerts". The beleaguered movie theater group AMC also benefited greatly from "THE ERA TOUR" concert films. Young fans who usually prefer to stream films at home stormed the cinemas and kept the box office ringing. This also benefited Disney+, where the films were streamed next. Disney CEO Bob Iger raved about"the incredible economic power of the cultural phenomenon that is Taylor Swift" during the earnings call (conference call or webcast in which a listed company discusses the financial results for a reporting period) with investors in February.
What makes the 34-year-old a political player are her millions of fans. According to surveys, 53 percent of all American adults describe themselves as fans of her music. And more importantly, it's not just suburban millennial women who recognize themselves in Taylor. Men and women of all ages flocked to the "ERA" tour. Fans in both the cities of the liberal "Blue States" and rural areas of the "Red States" can identify with her lyrics.
Why Swift carries more political weight than other celebrities
The fact that she is popular across demographics gives Swift's voice more weight in politics than other entertainment stars. In a study of US voters commissioned by Newsweek magazine, 22 percent of respondents said they were "more likely" to vote for the candidate Swift favors. Little wonder, then, that the Biden camp is openly courting Swift to hitch its political wagon to his. This is exactly what the MAGA world is trying to keep her from doing - sometimes with blatant threats - and keep her out of the presidential election.
Swift's political influence goes beyond the duel of yesterday's men - because it could strengthen the US democracy of tomorrow. Millennials and Generation Z in particular are disillusioned with current politics and many are boycotting elections. But Swift speaks their language and often has the same attitudes as them. If she were able to motivate her young fans to vote in large numbers as a unit, her influence on future politics would be truly historic.
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