PARIS, Oct 13 — Three years after the pandemic wiped out the live music scene, fans are flocking again to see their favourite stars on stage, with Taylor Swift and Beyonce raking...
PARIS, Oct 13 — Three years after the pandemic wiped out the live music scene, fans are flocking again to see their favourite stars on stage, with Taylor Swift and Beyonce raking it in with tours that are giving local economies a boost.Swiftmania is at an all-time high, and it is leaping from the stadium to the cinema, where a film on Swift’s Eras tour out Friday in over 100 countries worldwide has already clocked up more than US$100 million in ticket pre-sales.
“A big phenomenon,” was how New York Federal Reserve President John Williams described the Taylor Swift effect last month.The war in Ukraine is usually cited as a key factor for the cost-of-living crisis in Europe but in Sweden, the party held up as responsible for higher-than-expected inflation in May was none other than Beyonce.
Michael Grahn, chief economist for Sweden at Danske Bank, said Beyonce’s first two dates on her first solo tour in seven years were probably to blame. The Hyundai Research Institute in 2018 estimated that the first entirely South Korean group to top the US and UK charts brought its country more than US$3.6 billion in annual economic benefits.
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