Music stars generate huge incomes and revitalize hotels and restaurants
The concerts that music stars revived in stadiums as part of their global tours after the pandemic are witnessing a huge audience turnout, and achieving record revenues that now occupy a prominent place in the economic data, while their work and the tourism movement they attract generate large incomes.
Among them is the American star Taylor Swift, whose pre-sales of tickets for the film, which was filmed during the first part of her concert tour, exceeded $100 million in various parts of the world, a week before the start of its performances on Friday, according to what “Agence France-Presse” reported from the company “AMC”. », a tally that already constitutes a record for the revenues of a feature film about a concert.
The total revenues from the Swift tour may exceed one billion dollars when it ends at the end of 2024 (AFP)
The high value of advance reservations reflects the amazing success achieved by the “Taylor Swift: The Era Tour” tour itself, as the total revenues of her tour may exceed one billion dollars when it ends at the end of the year 2024 for the first time in the history of music, according to American estimates. Even the magazine “Polestar”, which specializes in live arts, expected that the revenue from the tour’s concerts would reach about $1.9 billion.
In early September, the head of the US Federal Reserve in New York, John Williams, revealed that what he described as “the Taylor Swift factor” had contributed to stimulating the US economy in recent months, “because people were spending on parties and hotels, and all of that constituted a major phenomenon.” .
Last May, Philadelphia hotels in Pennsylvania achieved their highest revenues since the beginning of the pandemic, “thanks in large part to the influx of visitors to Taylor Swift’s concerts in the city,” according to a sector official in the “Big Book” report issued by the Reserve. Federal Reserve in early July.
Economist Maria Cielo of the British University of Birmingham noted that the six concerts held in Los Angeles in August led to an increase of $320 million in the county’s gross domestic product.
Beyoncé’s two concerts in Stockholm contributed to a higher than expected inflation rate in Sweden (Reuters)
The star Beyoncé’s concerts had no less impact on the economy, as one economist believed that her two concerts in Stockholm, which were the first of her world tour, contributed to a higher inflation rate than expected in the month of May in Sweden.
This is not due to the high price of concert tickets, as the large public demand can explain the increase in hotel and restaurant prices, according to Michael Gran of Danske Bank.
The specialized “Billboard Bookscore” website reported that the total revenues from the “World Renaissance Tour” tour, which the international star concluded on October 1, may reach about $560 million, making it the highest-grossing tour for a female artist in history. The tour’s revenues amounted to $461 million at the end of last August, exceeding what Madonna achieved during her “Sticky and Sweet Tour” in 2008-2009.
The record is currently held by Elton John, whose farewell tour, “Fairwell Yellow Brick Road 2018-2023,” grossed more than $910 million.
Within 10 years of its existence, the Korean K-Pop boy band BTS, which has now suspended its activity due to a number of its members entering compulsory military service, has generated billions of dollars for the South Korean economy.
In December 2018, the Hyundai Research Institute reported that BTS, which was the first all-South Korean group to reach the top of the song contests in the United States and Britain, brought their country more than $3.6 billion in annual economic benefits.
In 2022, the Korea Culture and Tourism Institute estimated the economic impact of each BTS concert at 1.22 trillion won (more than $900 million).
BTS has brought its country more than $3.6 billion in annual economic benefits (AP)
In a similar context, despite the passage of more than 50 years since the dissolution of the Beatles contract, the city of Liverpool, the birthplace of its members Paul McCartney, John Lennon, George Harrison and Ringo Starr, still attracts fans of the famous quartet.
There are many sites of interest to visitors, including the Cavern Club concert hall, Penny Lane, the former Strawberry Field orphanage, or museums, restaurants, and souvenir shops. The value of tourist traffic associated with the Beatles is estimated at about 120 million pounds sterling annually (about 150 million dollars), according to the municipal council.
Memphis remains a destination for fans of rock and roll legend Elvis Presley (AFP)
Other places in the world are benefiting from their artists, as the city of Memphis, in the US state of Tennessee, which includes the residence of Elvis Presley (Graceland), is still a destination for fans of the rock and roll legend, while Jamaica preserves the legacy of reggae giant Bob Marley.
As for the band ABBA, it contributed to making Sweden the third largest music exporting country in the world, after the United States and Britain.
