{"id":12902,"date":"2024-02-19T09:00:32","date_gmt":"2024-02-19T14:00:32","guid":{"rendered":"https:\/\/blogs.shu.edu\/thediplomaticenvoy\/?p=12902"},"modified":"2024-02-17T20:43:32","modified_gmt":"2024-02-18T01:43:32","slug":"the-booming-concert-economy","status":"publish","type":"post","link":"https:\/\/blogs.shu.edu\/thediplomaticenvoy\/2024\/02\/19\/the-booming-concert-economy\/","title":{"rendered":"The Booming Concert Economy"},"content":{"rendered":"<div class=\"ose-gettyimages ose-uid-3abb0b700e8db04eee4bb52e5f3d46d1 ose-embedpress-responsive\" style=\"width:723px; height:623px; max-height:623px; max-width:100%; display:inline-block;\" data-embed-type=\"GettyImages\"><a id=\"fvryARDpRUZSH6Z5J-wOxw\" class=\"gie-single\" href=\"https:\/\/www.gettyimages.com\/detail\/1792238501\" target=\"_blank\" style=\"color:#a7a7a7;text-decoration:none;font-weight:normal !important;border:none;display:inline-block;\">Embed from Getty Images<\/a><script>window.gie=window.gie||function(c){(gie.q=gie.q||[]).push(c)};gie(function(){gie.widgets.load({id:\"fvryARDpRUZSH6Z5J-wOxw\",sig:\"PkxV8Gq34yZae-a94nGI2KYwU9fqP-x3DhUeNKEEr9k=\",w:\"594px\",h:\"396px\",items:\"1792238501\",caption: false ,tld:\"com\",is360: false })});<\/script><script src=\"\/\/embed-cdn.gettyimages.com\/widgets.js\" charset=\"utf-8\" async><\/script><\/div>\n\t\t\t<script>\n\t\t\t\tif (typeof gie === 'function') {\n\t\t\t\t\tgie(function(){\n\t\t\t\t\t\tvar iframe = document.querySelector('.ose-embedpress-responsive iframe');\n\t\t\t\t\t\tif(iframe && !iframe.getAttribute('title')){\n\t\t\t\t\t\t\tiframe.setAttribute('title', '')\n\t\t\t\t\t\t}\n\t\t\t\t\t});\n\t\t\t\t}\n\t\t\t<\/script>\n\t\t\n<p><b>Catherine Anderson<br \/>\n<\/b><i>Staff Writer<\/i><\/p>\n<p><span style=\"font-weight: 400\">Taylor Swift\u2019s Eras Tour has helped some cities recover from the economic tolls they suffered during the pandemic, writes the <\/span><a href=\"https:\/\/www.wsj.com\/arts-culture\/taylor-swift-taylornomics-concert-eras-tour-local-economy-9fa1d492\"><span style=\"font-weight: 400\">Wall Street Journal<\/span><\/a><span style=\"font-weight: 400\">. In each city where Swift performed, fans came in droves to see her. The concertgoers did not only fill stadiums- they took up space in hotels, restaurants, bars, and frequented other small businesses, boosting local economies continues the Wall Street Journal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In many cities, these fans included both people who had tickets to the show, and thousands of others who would gather outside stadiums just to listen to Swift\u2019s performance. In Cincinnati, writes the Wall Street Journal, thousands of people gathered in parks near Paycor Stadium during both nights\u2019 performances. In May, when Swift was in Nashville, the Country Music Hall of Fame displayed a pop-up Taylor Swift exhibit; that month was the highest grossing month in the museum\u2019s history, writes the Wall Street Journal. When the Eras Tour came to Minneapolis, a local donut shop posted pictures of Taylor Swift themed donuts-fans lined up on the street, and the store could only sell 150 boxes before it had to stop taking orders, continues the Wall Street Journal.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While on the local level, it seems that the Eras Tour was economically beneficial, on a national level, it is unclear whether the tour, as well as other large-scale tours, cause more economic harm or good. As <\/span><a href=\"https:\/\/www.cnbc.com\/2023\/07\/11\/taylor-swift-beyonc-springsteen-could-be-making-inflation-worse-with-tourflation.html\"><span style=\"font-weight: 400\">CNBC<\/span><\/a><span style=\"font-weight: 400\"> News<\/span><span style=\"font-weight: 400\"> reports, some economists argue that Swift\u2019s tour, as well as Beyonce\u2019s and other large artists, could actually be contributing to high inflation rates. Concert ticket prices are high, but they are only part of the problem; the costs of food and drink in concert venues is high, and so are travel and accommodation prices, writes CNBC.<\/span><\/p>\n<p><span style=\"font-weight: 400\">An example of the direct economic relationship between concerts and a national economy occurred in Stockholm, Sweden, when Beyonce performed there. Around the time of the show, reports CNBC, many hotels in the area were fully booked, and prices of accommodations were significantly higher than they normally would be around that time of year. Some economists argue, however, that a single artist cannot significantly affect a country\u2019s economy, especially in a developed nation. According to <\/span><a href=\"https:\/\/www.proquest.com\/magazines\/can-superstars-like-beyonc%C3%A9-taylor-swift-spur\/docview\/2847197958\/se-2?accountid=13793\"><span style=\"font-weight: 400\">The Economist<\/span><\/a><span style=\"font-weight: 400\">, not only is it highly unlikely that a single artist could cause prices to rise to the point that it would impact the consumer price index, but even if they did, it is not likely that the rising costs of concert tickets could contribute to a rise in cost of other goods, like hotels.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In smaller countries, The Economist continues, it is more likely that a single event could affect goods like hotel prices. In March, for example, Swift will perform in Singapore, which will be her only show in Southeast Asia, and thousands of fans are expected to fly in. According to the Economist, it is possible that Singapore, and other small countries, could see a \u201csmall bump\u201d in inflation around these tour dates.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It is not possible, however, for hotels in the area to charge these higher rates year-round. Regardless of whether Swift, Beyonce, or other artists are directly causing inflation, it seems clear that people are spending more than they did in pre-pandemic times on concerts. This is likely because the pandemic left people with a stronger desire to go out and socialize, reports the Wall Street Journal. Additionally, according to CNBC, the pandemic allowed people to save more money, which means that they have more to spend on expensive concert tickets.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As <\/span><a href=\"https:\/\/finance.yahoo.com\/news\/funflation-is-here-to-stay-as-live-events-fuel-economy-bank-of-america-150105184.html\"><span style=\"font-weight: 400\">Yahoo Finance<\/span><\/a><span style=\"font-weight: 400\"> reports, Swift\u2019s tour, Beyonce\u2019s tour, as well as the summer\u2019s \u201cBarbenheimer\u201d release combined to add $8.6 billion to the U.S. economy. These high prices are, in many cases, higher than they actually should be. As <\/span><a href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/popstars-could-be-powering-inflation-concert-prices-surge-2023-06-27\/\"><span style=\"font-weight: 400\">Reuters<\/span><\/a><span style=\"font-weight: 400\"> writes, even with many countries seeing inflation rates decrease, concert ticket prices have remained high. Ticket prices for Swift\u2019s tour, for example, were especially high on resale sites like Stubhub. Additionally, on sites like Ticketmaster, people struggled to get tickets; as one concertgoer told Reuters, some fans created multiple Ticketmaster accounts and spent thousands of dollars just to get tickets. For him, and many, the hassle and the costs were worth it&#8211;in part, because the pandemic left people with a higher-than-normal demand for these types of experiences.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Congress, as well as the Senate, have both introduced measures to make the ticket purchasing process easier and more user friendly. As <\/span><a href=\"https:\/\/www.barrons.com\/articles\/live-nation-junk-fees-ticket-sales-5b72f810\"><span style=\"font-weight: 400\">Barrons<\/span><\/a><span style=\"font-weight: 400\"> reports, Congress recently introduced an act that would ban ticket sellers from hiding fees from consumers, and would ban third party apps from selling tickets they don\u2019t already own. A similar act, discussed in the Senate, would prevent bots from buying up concert tickets, preventing potential concertgoers from accessing them themselves.<\/span><\/p>\n<p><em>Image courtesy of Getty Images<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While on the local level, it seems that the Eras Tour was economically beneficial, on a national level, it is unclear whether the tour, as well as other large-scale tours, cause more economic harm or good. <\/p>\n","protected":false},"author":5155,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2724,2739,2705,2727],"tags":[489,619,725,2385,2740,2741,2742,2743,2744],"class_list":["post-12902","post","type-post","status-publish","format-standard","hentry","category-february-2024","category-culture","category-2705","category-business-and-culture","tag-congress","tag-economy","tag-sweden","tag-inflation","tag-concerts","tag-taylor-swift","tag-eras-tour","tag-beyonce","tag-ticketmaster"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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