NEAR TRUTHS:
NEW ERAS

Can we agree that Taylor Swift is now the biggest star in the world? If not, what else does she need to do? Her Eras Tour is said to be on track to earn a mind-boggling $1.3b, and during her record-breaking L.A. stadium run, a who’s who of top label heads, managers, agents and other biz dignitaries—many of whom do no business with La Swift—dropped in to check out the spectacle, often with their daughters and granddaughters. Sir Lucian Grainge brought U.K. Prime Minister Rishi Sunak as his plus-one. The dazzling production, the rapturous, multigeneration­al crowds and the sheer, overwhelming impact of Tay's digging into 43 songs over the course of 3½ hours are all elements to which the culture’s movers and shakers have felt compelled to bear witness.

It’s believed that Swift's been taking in $10m+ per night at the box office, plus another $3.5m or so in merch. Putting aside the gargantuan revenues, it’s hard to think of a comparable cultural phenomenon in the modern era.

Are we in the midst of an “inflection point” for women consum­ers in the marketplace? Between the mega-impact of Swift’s tour, streams and sales, the chart rule of other top female stars and the pop-cultural dominance of Barbie (including its soundtrack), this moment feels like the fulfillment of all those “The Future Is Female” stories. Women’s consumption power has long been mighty, representing somewhere around 80-85% of all spending, according to various reports—because of purchases they make for themselves and on behalf of those they care for. (This is particu­larly remarkable given the appalling inequality in pay women face in the workforce.)

In any case, Taylor, SZA, Olivia Rodrigo, Billie Eilish and Ice Spice, to name but a few, are driving not only streams and ticket sales but all manner of consumption. Overall, the live sec­tor is doing fantastic business. Beyoncé, Lady Gaga, P!nk and BLACKPINK are doing stadiums, while stars like Adele, Doja Cat, Shania Twain, Maggie Rogers and Lana Del Rey are doing boffo biz as well.

The Barbie moment is a perfect storm of canny capitalization on a pop-cultural milestone—appealing to multiple generations—and feminist messaging. Director Greta Gerwig has become the first woman film director to preside over a project earning north of $1b in box office. The ancillary revenue from the project is incalculable, and multiple songs from the soundtrack—notably by Billie Eilish, Dua Lipa and Nicki Minaj/Ice Spice—are among the top-streaming tracks in the world. How might these developments further shape the marketplace?