US entertainment landscape is undergoing a remarkable transformation in 2023, and at the forefront of this seismic shift are women who are wielding their creative prowess. Blockbuster world tours of Taylor Swift and Beyoncé to an unexpected box office sensation, Barbie, women power is raking in billions and catalysing economic growth across the country.
All three are creating history in their own spaces and pushing the .
US federal reserve has credited Taylor Swift with changing economic fortunes of cities that singer covered. The tour, which has captured the hearts of fans worldwide, has been credited with breathing new economic life into major cities after hotels, local business and travel industry minted good fortunes during Swift’s concerts.
Meanwhile, Beyoncé was recently blamed for the ‘stubbornly high inflation’ in Sweden after performing there. A Forbes report states both Swift and Beyoncé’s tours will gross billions of dollars each. Estimated total US economic impact from Taylor’s tour is $5billion.
According to QuestionPro, Swifties have broken their own concert budgets to spend $1,327.74 on average to see Eras shows.
‘United State’s female-driven spending is a perceptible economic trend that deserves to be noted,’ says Misty Heggeness, an economict who is writing a book called Swiftynomics: Women in Today’s Economy, in an interview to Market Watch.
Also Read: Taylor Swift’s tour could cause almost $5 billion economic impact in the US alone
Beyoncé’s Renaissance World Tour, spanning Europe and North America, has already tallied staggering profits, with Billboard estimating her European leg alone generating $154 million in revenue. According to Forbes, the tour could gross between up to 2.4 billion dollars from tickets alone by the time it ends in September.
And as Beyonce and Swift are burning the stage with their mesmerising performances Barbie is smashing box-office records and rewriting the script for Hollywood. Its film director Greta Gerwig shattered the glass ceiling by entering the all men’s billionaire club that by earning 1billion dollars in just a matter of weeks after release. Now after Barbie is poised to outshine even iconic franchises like The Super Mario Bros. Movie, positioning itself as a potential contender for the year’s highest-grossing film.
Bank of America reports that the surge in spending on entertainment and clothing finds its roots, at least in part, in the highly anticipated movie releases of “Barbie” and “Oppenheimer.”
However, it’s not just the magical trio, making waves, Kim Kardashian’s shape-wear venture, Skims, captures the spotlight with a staggering valuation of $4 billion. Shein, the Chinese female fast-fashion giant, has entered the scene with an initial public offering in the US, boasting a valuation exceeding $60 billion.