Economic impact of big name concert tours: Taylor Swift in Philadelphia
According to the urbanism blog Billy Penn ("Taylor Swift’s tour stop was a boom weekend for Philly, with hotel rooms nearly selling out — at $450 a night"), Taylor Swift's concert contributed to a hotel booking rate of over 90% in Philadelphia's Center City, and a significant increase in pricing. Although other events also contributed to this, including the University of Pennsylvania graduation.
SEPTA ridership was higher, and some food establishments had stronger business.
Again, I'd say a lot of hotel revenue and transportation (airline, rental cars, for out of area visitors) are captured by non local entities.
Still, it's interesting to think about concert attendance in terms of in-area and out of area visitors, and the differentiated economic impact.
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More entries about music performance as an element of cultural planning
-- "Song remains the same," 2011
-- "Ground up (guerrilla) art #2: community halls and music (among other things)," 2011
-- "Leveraging music for cultural and economic development: part one, opera," 2017
-- "Leveraging music as cultural heritage for economic development: part two, popular music," 2017
-- "Culture planning and radio: local music, local content vs. delivery nodes for a national network," 2019
-- "Under threat: Austin's music industry as an element of the city's cultural ecosystem and economy," 2016
-- "Revisiting cultural plans having elements for retail: music instrument stores," 2020
-- "DC's music venues ask for government support," 2020
-- "Thinking anew about supporting community radio," 2019
-- "Revisiting community radio," 2020
Labels: arts-based revitalization, arts-culture; concerts-music;, creative economy-creative industries, cultural planning, culture and economic development, music-entertainment
posted by Richard Layman @ 3:31 PM&Permanent Link
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https://amp.theguardian.com/business/2023/jun/15/money-singers-economies-abba-beatles-beyonce-bts-music-artists-pandemic
https://www.post-gazette.com/ae/2023/07/06/taylor-swift-s-eras-tour-visitors-to-pittsburgh-economic/stories/202307060128
The numbers are in: Taylor Swift's 'Eras' Tour brought more than 400,000 visitors to Pittsburgh
The visitors — 191,781 on June 16 and 208,886 on June 17 — came from across the country, including North Carolina, Ohio, Washington, D.C. and New York, according to the Pittsburgh Downtown Partnership.
Swift fans brought their wallets and spending power – business in Market Square saw a 69% increase that Friday and a 63% increase on Saturday, compared to the previous week.
For every three Taylor Swift attendees, one came just to hang in the parking lot of her ‘Eras Tour’ in Philly
https://www.inquirer.com/entertainment/music/taylor-swift-eras-tour-philadelphia-lincoln-financial-field-20230803.html
For every three fans enjoying her concert at Lincoln Financial Field in May, another was outside, ticketless, and tailgating. That’s according to an analysis by Placer.ai — a location analytics and foot traffic data company.
Comparing data from Philly and Nashville, more attendees in Nashville traveled 100 miles or more. While most of Philly attendees were in region.
Taylor Swift and Singapore put on a masterclass in concert economics
https://qz.com/taylor-swift-singapore-concerts-deal-hong-kong-lionel-m-1851311106
Singapore's strategy with Swift contrasts with neighboring Hong Kong's recent stumbles with soccer star Lionel Messi
Singapore, more than eager to benefit from the economic effects of Swift concerts, came up with a shrewd strategy. The city-state struck an exclusive deal with Swift to have her perform only in Singapore and forgo all neighboring locations on the Southeast Asian leg of her tour. Thanks to the deal — which reportedly pays Swift almost $3 million per show, though Singapore has disputed that amount without confirming details — Swift has six concerts lined up in Singapore from March 2 through 9. Her performances are expected to give the Singaporean economy a $370 million boost, according to one estimate.
Beyond Rock and Roll: The Economic Impact of the Grateful Dead on a Local Economy
RICARDO C. GAZEL and R. KEITH SCHWER
Journal of Cultural Economics
Vol. 21, No. 1 (1997),
https://qz.com/taylor-swift-super-bowl-local-economy-boost-1851216907
Taylor Swift shows boost local economies almost as much as hosting a Super Bowl
Pittsburgh bars and restaurants saw a 13% bump in sales the weekend Swift came into town
Music Festivals Canceled This Year Reveal Rising Costs of Producing Large Events
https://www.bloomberg.com/news/articles/2024-03-12/music-festivals-canceled-this-year-reveal-rising-costs-of-producing-large-events
For four decades, the Riverbend Festival delighted music fans in Tennessee with headlining acts like Lionel Ritchie and ZZ Top, but this year the show won’t go on.
“Riverbend is reevaluating and restructuring in order to be successful in the future,” the organizers said on their website.
After years of growth, some music festivals are in retreat. At least 10 shows in the US have been canceled this year, according to Bloomberg research. More budget-conscious consumers are a factor, but so are rising costs for staffing, stages and the performers.
“Everything’s more expensive, including the artists,” Cameron Collins, founder of festival organizer Brew Ha Ha Productions, said in an interview.
The troubles mirror what’s happening in other consumer businesses, from theme parks to casinos, and reflect tighter budgets after a surge in post-pandemic travel. The cost of going to a multiday music festival can top $1,000, including lodging and travel expenses, not to mention $15 beers.
"Concerts are basically the equivalent of a flight somewhere now when you’re paying $200 to $300 for a show
The tough environment means the organizers could consolidate as larger promoters look to expand into new markets.
“Our key executives are out there having those conversations on a daily basis,” said Chamie McCurry, chief marketing officer at festival production company Danny Wimmer Presents. The company runs seven festivals, including Kentucky’s Bourbon & Beyond, where country singer Zach Bryan is headlining and a general admission ticket costs $330.
After the Covid-19 pandemic, artists raised their fees to make up for lost income. Vendors are trying to recoup money they lost and pay off debt they incurred to stay afloat during the shutdown.
Cities, meanwhile, are looking for a way to keep the festivals, which they see as a source of tourism revenue. After a feared cancellation earlier this year, Blues on the Green in Austin, Texas, will return thanks to a vote of support from the city council and a new sponsor.
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