Taylor Swift’s Eras tour grossed over twice the revenue of Beyoncé’s Renaissance tour in 2023: Report

Taylor Swift's Eras Tour, which is currently ongoing and set to continue till the end of the year, has become an economic phenomenon on its own. The tour is part of a trend that the Bank of America called "funflation," in which major entertainment events spur economic growth for several months or even years.

Now the tour has also been revealed to earn more than twice that of its next biggest competitor in terms of gross revenue, Beyonce's Renaissance Tour. The Eras Tour's current gross revenue is $1,039,263,762 while the Renaissance Tour is at $579.813 million as of the figures available in 2023, according to Pollstar's report.

Pollstar report on highest grossing tours (Image via official website @Pollstar.com)

The figures from the 2024 Eras tour, when they become available, will make its lead over the Renaissance Tour even larger, now that the latter has been wrapped up. In addition, the concert film on the tour, titled, The Eras Tour, grossed over $261.6 million, as per Statista, making it the highest-grossing film in both concert and documentary genres.

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Taylor Swift's Eras Tour boost local economy

Notably, while tickets alone account for over a billion in gross revenue from Taylor Swift's Eras tour, the impact of such tours like hers and Beyonce's does not stop with ticket sales alone.

The tour is projected to gross over $5 billion in revenue, with the Renaissance tour once again at a close second with $2.46 billion in conservative estimates. These estimates are based on a report by QuestPro quoted by Times Magazine and Fortune. These include travel packages, hotel stays, food, and other amenities that people spend when they attend an Eras tour or Renaissance tour concert.

This is driven in part by what is being termed as 'revenge spending' by economists, a knock-on effect from the years of isolation that people spent during the pandemic, forced to worry about their lives and essential goods rather than experiences.

As economist Brett House explained to the New York Times, spending on concerts represents what is supposed to be the latter stages of the large-scale behavior pattern:

"The Beyoncé tour, the Eras tour, are the latest installation of that phenomenon. It might be that Taylor Swift and Beyoncé timed their tours perfectly."

Meanwhile, the US Travel Association has estimated the Eras tour to generate more than $10 billion by the time it wraps up, stating in its report:

"We believe that the total economic impact likely exceeded $10 billion. The total economic impact includes indirect spending as well as spending by others who came to join the action around the events but did not actually attend the shows."

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Taylor Swift to continue Eras tour with Europe leg

Taylor Swift is currently embarking on the Europe leg of International Eras tour, following which she is expected to wrap it up with a final North America leg. The remaining dates and venues for the entire tour are given below:

• June 2-3, 2024 – Lyon, France, at Groupama Stadium
• June 7-9, 2024 – Edinburgh, UK, at BT Murrayfield Stadium
• June 13-15, 2024 – Liverpool, UK, at Anfield Stadium
• June 18, 2024 – Cardiff, UK, at Principality Stadium
• June 21-23, 2024 – London, UK, at Wembley Stadium
• June 28-30, 2024 – Dublin, Ireland, at Aviva Stadium
• July 4- 6, 2024 – Amsterdam, Netherlands, at Johann Cruijff Arena
• July 9-10, 2024 – Zurich, Switzerland, at Letzigrund Stadion
• July 13-14, 2024 – Milan, Italy, at San Siro Stadium
• July 17-19, 2024 – Gelsenkirchen, Germany, at Veltins Arena
• July 23-24, 2024 – Hamburg, Germany, at Volksparkstadion
• July 27-28, 2024 – Munich, Germany, at Olympiastadion
• August1-3, 2024 – Warsaw, Poland, at PGE Narodowy
• August 8-10, 2024 – Vienna, Austria, at Ernst Happel Stadion
• August 15-20, 2024 – London, UK, at Wembley Stadium

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Taylor Swift recently released her latest studio album, The Tortured Poets Department, on April 19, 2024. The album has been a chart-topper on the Billboard 200 album chart for five consecutive weeks, a record in the music industry.