Person of the Year 2023 and the terrible power named Taylor Swift

The first entertainer to be single-handedly honored as “Person of the Year”

“For creating a world that is inclusive of so many, for turning her story into a global legend, and for bringing joy to a society that desperately needs it, Taylor Swift is Person of the Year 2023” - that is TIME's explanation for its decision to choose the singer still known as the “country music princess” to top the annual “Person of the Year” list honoring the most influential people on the planet.

With this result, Taylor Swift has become the first woman to appear on the cover of “Person of the Year” twice since the activity began in 1927. Previously, in 2017, the singer born in 1989 appeared on the cover of “Person of the Year” with many other characters, when she was recognized as one of the silence breakers, who inspired women to speak out about sexual misconduct. In particular, the singer made history when she was the first entertainer to be honored alone in a poll that seems to mainly honor politicians (previously, Irish rock band U2 was honored in 2005).

Of course, “bringing joy to a society that needs it” is just one of the many factors that helped Taylor Swift win the “Person of the Year 2023” vote. The remaining fundamental factor is none other than the fact that this 33-year-old singer had a truly explosive 2023, in both the realms of artistic achievement and commercial revenue.

2023 is a truly fruitful year for Taylor Swift as many prestigious music awards continuously smile brightly at the country music princess. The female singer received 6 Grammy nominations, 10 BBMAs, 9 VMAs and 4 EMAs. The 2023 achievements have increased Taylor Swift's "award treasure" to a total of 11 Grammys, 1 Emmy, 29 Billboard awards and dozens of American music awards.

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However, it is the commercial revenue that is truly Taylor Swift's miracle that very few entertainment stars today can match. In 2023, Taylor Swift's global sales will be around 40 million copies, breaking the record for the largest sales in the 21st century set by the singer herself in 2022. On social media platforms, the name Taylor Swift also dominates. She is the first female artist to surpass 100 million monthly listeners (currently 109 million) and earns an average of 100 million listens per day and about 100 million USD on Spotify. With nearly 30 billion streams in 2023, this is the largest number of listens in a year that an artist has ever achieved in history. Taylor Swift is also the most listened to artist on Apple Music, Amazon Music... and earns an additional 200 million USD.

In particular, the global tour The Eras Tour, which started in March this year and will last until the end of 2024 with a total of 151 shows, is also an unparalleled success for Taylor Swift. According to Pollstar, the Eras Tour is estimated to earn a record $1.04 billion with 4.35 million tickets sold after 60 shows in 2023, becoming the first tour to reach the $1 billion mark in revenue in history. Each concert is estimated to attract about 72,000 attendees with an average ticket price of $238. Thus, this pop star is currently earning more than $17 million for each of his performances.

Not to mention, Taylor Swift is also said to have pocketed an additional $370 million from ticket sales and merchandise related to the Eras Tour. The movie Taylor Swift: The Eras Tour, set during the aforementioned tour, also earned $179 million domestically and a total of more than $250 million globally. This number will increase when the movie returns to theaters next time and is released in the billion-people market of China in January 2024.

Terrible Power and the Term “Swiftonomics”

In addition to being named Person of the Year 2023, Taylor Swift was also ranked 5th among the most powerful women on the planet and the terms “Swiftonomics” - referring to how Taylor Swift is boosting the US economy and “Tswift Lift” - referring to the boost in tourism by Taylor Swift's tour - could be the explanation for the global power of this talented singer-songwriter.

There are countless examples that could be cited to illustrate “Swiftonomics.” Taylor Swift’s two nights in Denver during her Eras Tour added $140 million to Colorado’s gross domestic product, with fans spending an average of $1,300 per person on hotels, restaurants, and retail. The Philadelphia Federal Reserve reported that with just three nights in the state, the city’s hotel revenue reached its highest level since pre-pandemic. In Chicago, the area saw its highest post-pandemic increase in public transportation use during Taylor’s three shows, with more than 43,000 trips. In total, the city earned $90 million from Taylor’s three shows, including $2 million in hotel room revenue with rooms 98% full.

The Federal Reserve (FED) said: “Despite the slow recovery of the tourism industry in general, May 2023 was the month when hotel revenue in Philadelphia increased the most since the pandemic broke out, largely due to the large number of tourists attending Taylor Swift concerts. The US Travel Association estimated that the total US Eras Tour added more than $5 billion to the state economy. According to data from investment firm Bernstein, during Taylor's tour, hotel revenue was about 4% higher than the average across the US and 7% higher than the same period last year.”

5.7 billion USD (138 trillion VND) is the estimated figure that The Eras Tour alone brings to the US economy, created by the spending power of fans. Specifically, according to some statistics, on average, Taylor fans will spend more than 1,300 USD including entrance tickets, hotels, transportation and a series of other shopping expenses. In addition, these fans will spend hundreds of USD on clothes and accessories. The tour is also said to have created tens of thousands of jobs for workers. Just counting the 6 shows in California alone, there were 3,300 new jobs.

Perhaps because of the "boost", Taylor Swift became the first artist in history to be named by the US Federal Reserve (FED) in its special report, specifically naming Taylor Swift as "a driving force behind the US economy".

“You make me feel incredible,” Taylor Swift exclaimed to her fans during one of her most famous concerts, The Eras Tour. But really, Taylor Swift herself—with her influence now considered to be “unbelievable” economically, culturally, and politically—is truly extraordinary.

Ha Anh

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