An Unprecedented Phenomenon: Over the past year, the world has witnessed an unprecedented phenomenon in the music , entertainment, and popular culture industry: the case of American singer Taylor Swift (1989) and her world tour, "The Eras Tour." Taylor Swift's performances are considered an "economic phenomenon" and have been studied in many countries and universities. It has the potential to change business thinking in the music and popular culture industries, and even influence the political sphere. Over the past year, Taylor Swift has set a series of records, from consecutive concerts with 100,000 attendees each in a single location, to the highest-grossing tour ever (exceeding one billion USD), the blockbuster musical film "Taylor Swift: The Eras Tour" topping the box office, and for a purely artistic Taylor Swift to become a billionaire… The numbers Taylor Swift has achieved have set numerous new records, but what amazes many is the immense influence of this American singer, born in 1989, on countries and regions, from economics to culture. There have been races to secure Taylor Swift's performances in various countries.

Taylor Swift at the first show on March 2nd in her six-night series in Singapore as part of her "The Eras Tour" world tour. Photo: Straits Times

In early March, Southeast Asia was abuzz with excitement for Taylor Swift. While Thailand was disappointed and several other countries in the region regretted not getting a Taylor Swift concert, Singapore secured exclusive rights to six nights of performances in the island nation. On Yahoo News Singapore, author Neil Humphreys proudly wrote an article titled: "Forget about Southeast Asia and accept Singapore as the better choice for Taylor Swift." According to some estimates, the six exclusive Taylor Swift concerts (March 2-4 and March 7-9) are expected to generate $500 million for the Singaporean economy . Prior to this, in July 2023, there was a ticket frenzy. Over 300,000 tickets, including VIP tickets priced at over $900 (over 20 million VND), were sold out. Singapore also benefited from tourism, with airlines selling tickets at high prices, restaurants packed, hotels and resorts fully booked for VIPs, banks and fashion businesses profiting, and goods selling like hotcakes. Many people combined attending Taylor Swift's concerts with tourism. This was also a golden opportunity for Singapore to promote its image. To secure Taylor Swift's concerts, the Singaporean government reportedly spent millions of dollars supporting each show to exclusively promote Taylor Swift's tour in Southeast Asia. Thailand, a long-standing destination for many major international artists, was left empty-handed in this rare event. Upcoming on her world tour, Taylor Swift will choose Real Madrid's Bernabeu stadium (Spain) as one of her stops for two nights of performances on May 29-30. The event organizers reached an agreement with Real Madrid and La Liga to make an exception, changing the football schedule for Taylor Swift, granting special permission for the match between Los Blancos and their opponent to be played earlier, even though all teams would be playing at the same time in the final round. Taylor Swift's team stated that they needed 72 hours to prepare before the first night's performance to ensure everything was safe. Where does Taylor Swift's appeal come from? The appeal and phenomenon of Taylor Swift is a surprise to many. It's surprising because the American singer captivates audiences from almost every social class, from students and workers to politicians, artists, and even officials in various countries. Her appeal isn't limited to the US but extends to Europe and Asia… K-Pop artist Lisa Black Pink is also a big fan of Taylor Swift. Lisa attended Taylor Swift's The Eras Tour concert in Singapore on the evening of March 3rd. Many Vietnamese celebrities were also present. In fact, Taylor Swift's appeal is not surprising to many. It's not just because the American singer-songwriter holds the record with 14 Grammy Awards, but also because of the value she brings to businesses and communities whenever she appears. The nature of relationships between individuals, between individuals and organizations, between organizations, and even between countries… is based on value.

Taylor Swift is the first female singer to join the world's billionaire club solely through her singing career. Photo: Getty Image

Wherever Taylor Swift appears, the place becomes vibrant. Money flows in, bringing immense value. When Taylor Swift chose Spain and set a date, Real Madrid in particular, and La Liga and Spain in general, understood the commercial importance of The Eras Tour. In Lisa's case, the K-Pop artist's appearance at Taylor Swift's concert in Singapore also brought prominence to the young Thai artist herself. It attracted the attention of netizens and the media. In February, according to Melbourne Mayor Sally Capp, in just three nights of performances in Melbourne, Taylor Swift brought in $790 million USD for Australia from consumer spending related to the event. In 2023, Taylor Swift is estimated to have given a $5 billion boost to the US economy after her Eras tour, which began in March 2023 with 53 sold-out shows in 20 cities. This may be why, in 2023, Time magazine awarded its "Person of the Year" title to an entertainment star for the first time in its history, because Taylor Swift is no ordinary entertainment star. Swift's success has reached a level rarely achieved by international pop stars. The Eras Tour is her biggest tour to date, with 146 shows across five continents, lasting until the end of 2024. The 146 shows of The Eras Tour not only generated huge revenue but also contributed to economic growth in the destinations. According to Globaledge, Singapore wants to leverage the Taylor Swift phenomenon to enhance its national image, aiming to make the island an ideal destination for entertainment from around the world. Currently, Singapore's tourism industry has only recovered to 80% of its pre-pandemic levels.

According to estimates by Singaporean officials and several organizations, approximately 70% of the audience attending the performance were foreigners. Photo: Straits Times.

The Singapore government's decision to spend several million USD on a single Taylor Swift concert is considered a bargain, bringing in approximately 500 million USD for Singapore's tourism industry and long-term benefits. This is something that Thailand, a major tourist destination, regrets. In the summer of 2023, the US Federal Reserve (Fed) published a study and viewed the Taylor Swift phenomenon as an economic theory – Swiftonomics. Taylor Swift's "The Eras Tour" concerts are estimated to generate hundreds of millions of USD for the local area. According to estimates by Singaporean officials and organizations, about 70% of the audience were foreigners. The ripple effect after the event was enormous. This could be a lesson for countries with economies heavily reliant on tourism development.
Taylor Alison Swift (born December 13, 1989) is an American singer-songwriter. Her diverse artistic style, songwriting abilities, social activism, and business acumen have had a significant impact on the music industry, popular culture, and politics. According to Forbes, Taylor Swift's net worth increased dramatically in 2023, surpassing $1.1 billion. This figure proves that the "Queen of Snakes" is the first female singer to join the world's billionaire club solely through her singing career. Taylor Swift's wealth primarily comes from her music business and touring. Most notably, she amassed a fortune thanks to the unimaginable success of The Eras tour. The Washington Post estimates that Swift will earn over $4 billion from her singing career after the Eras tour concludes – a feat no other star in music history has ever achieved.

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