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Speaker 1: Hiatt's Westkasova. The Big Take is taking a break this week,

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Speaker 1: so here's an episode you might have missed.

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Speaker 2: Taylor Swift's Midnight breaking records, moving more than one million

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Speaker 2: units in a week, and she did it.

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Speaker 3: In three day.

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Speaker 1: Full Taylor takeover the phenomenon that is Tyler Swift.

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Speaker 4: Another record. Taylor Swift's Eras Tour is on track to

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Speaker 4: become the highest grossing tour of all time.

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Speaker 5: Welcome to the Era's Tour.

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Speaker 1: Taylor Swift has been a megastar for years now, but

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Speaker 1: these days the pop singer is absolutely unavoidable. Oh Her

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Speaker 1: hit songs, her record breaking Eras concert tour, and a

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Speaker 1: new blockbuster movie now to mention her approachable, down to

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Speaker 1: earth persona have won her tens of millions of diehard fans.

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Speaker 6: People come up to me and maybe like, a you

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Speaker 6: gonna just like do a show with like all the

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Speaker 6: albums in it, And.

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Speaker 2: I was like, Yeah, it's gonna be called the Aerostur

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Speaker 2: see you there.

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Speaker 1: Bloomberg's Devin Pendleton and Claire Ballentine report that Swift has

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Speaker 1: also made astute business decisions and has a high tolerance

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Speaker 1: for taking risks as a result. At age thirty three,

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Speaker 1: She's now reached a new milestone, billionaire.

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Speaker 7: Never really have I ever seen an entertainer, so an athlete,

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Speaker 7: or a musician or a actor, really become a billionaire

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Speaker 7: based on their art alone. She's actually really done it

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Speaker 7: based on her music, and that's extraordinary and very difficult

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Speaker 7: to do.

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Speaker 6: It was ah by design, because I'm a master of mine.

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Speaker 1: I'm west Kasova today on the Big Take the Business

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Speaker 1: of being Taylor Swift. Devin Claire. Obviously this was like

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Speaker 1: the summer of Taylor Swift. But Devin, why did you

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Speaker 1: want to go find out how much she's worth?

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Speaker 7: Taylor was everywhere this summer. She's been around for a while,

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Speaker 7: but all of a sudden, she was just this incredibly

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Speaker 7: epic moment. I don't think in my lifetime I've ever

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Speaker 7: been as close to living in a monoculture as this summer.

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Speaker 7: And of course, you know, as living I tabulate how

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Speaker 7: much people are worth. So of course we're all curious.

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Speaker 7: I'm thinking, like, how much is she made from this?

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Speaker 7: She's got to be a billionaire. And no, didn't seem

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Speaker 7: like anyone had declared she was a billionaire. But surely

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Speaker 7: the Era's tour, which is just this mega hit this

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Speaker 7: summer has pushed her over the edge. So we got

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Speaker 7: to crunching some numbers and turned out that the Taylor

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Speaker 7: Swift economy universe was incredibly vast and way more complex

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Speaker 7: than I had any idea.

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Speaker 6: And I remember when we first started this project, didn't

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Speaker 6: you initially think she was almost a billionaire but not

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Speaker 6: quite so? Then it was really fun as the reporting

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Speaker 6: went on to see, oh she's crossed.

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Speaker 3: That mart Yeah, And it was exactly that, like the

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Speaker 3: Aras tour.

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Speaker 7: We started out I think as a placeholder saying Taylor

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Speaker 7: Swift high nine figures and then all of a sudden thinking,

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Speaker 7: oh my gosh, no, she's done it.

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Speaker 5: Like ring the.

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Speaker 1: Gong, we're here, and I'd really like to get into

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Speaker 1: all the different things that combine to really push her

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Speaker 1: over the top. But you also write that for a musician,

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Speaker 1: even when as fabulously successful as she is, reaching a

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Speaker 1: billion dollars is not easy and pretty unusual.

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Speaker 3: Yes, it really is.

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Speaker 7: And I've been covering billionaires and super rich people for

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Speaker 7: sixteen years and never really have I ever seen an entertainer,

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Speaker 7: so an athlete, or a musician or a actor really become

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Speaker 7: a billionaire based on their art alone. Like when they

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Speaker 7: have done it, it's usually been because of a business venture,

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Speaker 7: a terrific fragrance deal or dine a property branding thing.

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Speaker 7: But she's actually really done it based on her music,

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Speaker 7: and that's extraordinary and very difficult to do.

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Speaker 1: Claire, we started talking about the Era's Tour, which is

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Speaker 1: the thing I think people are most aware of right now.

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Speaker 1: Just how big was Eras for Taylor Swift.

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Speaker 6: So the Eras Tour came about post pandemic, there was

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Speaker 6: so much demand for concerts and during the pandemic when

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Speaker 6: everything was shut down, she released four albums in twenty

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Speaker 6: twenty and twenty twenty one, and then came out with

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Speaker 6: a brand new album Midnights last year, and she really

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Speaker 6: capitalized on this moment where people had this demand for

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Speaker 6: live music. And you know, she could have done this

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Speaker 6: tour for just her most recent albums, for you know,

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Speaker 6: the ones that hadn't gotten the whole you know, roll

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Speaker 6: out on a world not under lockdown, but instead she

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Speaker 6: sort of chose to make this a celebration of her

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Speaker 6: entire catalog and career, and that sort of created this

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Speaker 6: huge cultural moment that we saw this summer.

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Speaker 7: Not only did she have all these concerts, but these

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Speaker 7: concerts were in stadiums, massive stadiums, like football stadiums, and

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Speaker 7: that is also remarkable because she packed these stadiums. I mean,

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Speaker 7: they were all sold out. And it's really just a

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Speaker 7: tiny kind of sliver of musicians who can fill a stadium.

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Speaker 5: It's kind of like this very elite group of people.

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Speaker 6: People were paying so much money to go to these concerts.

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Speaker 6: It was unbelievable.

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Speaker 7: Yeah, So the shows were two hundred and fifty four

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Speaker 7: dollars on average, but many people paid so much more

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Speaker 7: than that because of the resale market, there's obviously tiered seating,

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Speaker 7: so I mean, sky's the limit. I don't know exactly

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Speaker 7: who paid the most, but in tens of thousands of

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Speaker 7: dollars easily.

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Speaker 6: And I thought one thing that she did that was

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Speaker 6: so smart in these tours is so she had the

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Speaker 6: list of songs that she would play at each show,

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Speaker 6: and of course the fans quickly picked up on that

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Speaker 6: and it was published, you know, the set list, but

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Speaker 6: at each show, she had a surprise song or a

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Speaker 6: couple of surprise songs, and that could be anything from

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Speaker 6: her entire catalog of music. And so I thought that

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Speaker 6: was so smart because it added this element of surprise

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Speaker 6: to each show. And you know, I've heard people talking about,

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Speaker 6: you know, the different concerts that they went to this summer,

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Speaker 6: and the thing that people ask is they were like,

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Speaker 6: what was your surprise song?

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Speaker 1: So, Devin, when you added all up, what was this

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Speaker 1: giant spectacle of the Era's tour really worth?

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Speaker 7: We estimated that so far the tours brought in over

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Speaker 7: seven hundred million dollars. That is based just on ticket sales.

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Speaker 7: That doesn't include merch that doesn't include soft pretzels and

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Speaker 7: wings and all those other things that people buy at

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Speaker 7: the concert. That's really just based on ticket sales, based

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Speaker 7: on the average price of two hundred and fifty four dollars.

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Speaker 1: And so the actual value, sort of the knock on

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Speaker 1: economic effect is actually a whole lot larger than that.

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Speaker 6: Yeah, Bloomberg Economics estimates that just this North American leg

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Speaker 6: of the tour contributed four point three billion dollars to GDP,

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Speaker 6: which is tremendous. We saw hotel revenues at some of

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Speaker 6: these cities just go through the roof, you know, going

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Speaker 6: out to restaurants when they're traveling. It was a big

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Speaker 6: item for summer travel. This year. You saw a lot

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Speaker 6: of the cities that really were seeing huge benefits of

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Speaker 6: her being there, and they wanted her there and were

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Speaker 6: able just to capitalize on that to really boost their

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Speaker 6: local economies.

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Speaker 1: And one of the things you write which really stood

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Speaker 1: out was this idea that it caused such an economic

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Speaker 1: ripple wherever it went that the Federal Reserve started watching

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Speaker 1: these sales as an economic indicator.

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Speaker 6: Yeah. I think that for them, it was a pretty

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Speaker 6: notable point that so many people had the money to

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Speaker 6: pay for these tickets. It's pretty incredible that people would

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Speaker 6: have enough money to go out and do that. It

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Speaker 6: was a sign of the consumer strength, and I think

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Speaker 6: that's what they were really looking for this summer. You know, Taylor,

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Speaker 6: in addition Beyonce and of course there's the Barbie movie

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Speaker 6: and Oppenheimer and some of these major blockbusters that people

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Speaker 6: were going out and spending on the summer and it

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Speaker 6: really showed that people just felt secure enough in their

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Speaker 6: economic situations to go out and spend money on these tours.

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Speaker 1: Devin, the Era's tour was kind of the big center

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Speaker 1: piece of traction that I think a lot of people see,

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Speaker 1: but you also write that behind the scenes, Taylor Swift

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Speaker 1: has been very savvy at building a business around her persona,

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Speaker 1: her music, and like the whole Taylor Swift ecosystem is

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Speaker 1: really what also drives this increase in.

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Speaker 3: Her wealth she has.

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Speaker 7: Where we are looking backwards, you can really see how

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Speaker 7: savvy she's been from a pretty young age. I guess

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Speaker 7: one of the sort of watershed moments would be back

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Speaker 7: in twenty fifteen. I think it was Spotify was picking

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Speaker 7: up a lot of traction, was where most people were

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Speaker 7: turning to to get their music at Spotify and other

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Speaker 7: streaming services, and she yanked all of her music off

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Speaker 7: of it in protest of what she said was unfair.

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Speaker 3: Compensation, saying, basically, this is my art.

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Speaker 5: You're not putting a proper value on my art.

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Speaker 4: She tells Yahoo Music this morning. Spotify felt like an experiment,

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Speaker 4: and she's not willing to contribute her life's work to

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Speaker 4: an experiment. She says, I try to really remain open

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Speaker 4: minded about things because I do think it's important to

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Speaker 4: be a part of progress. But I think it's really

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Speaker 4: up for debate whether Spotify is actual progress.

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Speaker 7: And she kind of had the power to do that

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Speaker 7: and her fans were very happy to see her music

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Speaker 7: out elsewhere.

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Speaker 5: It was off for a number of years. I think

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Speaker 5: she went back on in twenty seventeen.

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Speaker 4: Ye.

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Speaker 7: Yeah, And we don't know the terms of the deal,

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Speaker 7: of course, that she negotiated Spotify. When she came back on.

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Speaker 7: You can only surmise that she struck a better deal.

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Speaker 7: That would say was sort of a notable thing for one,

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Speaker 7: because obviously it probably worked out monetarily for her in

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Speaker 7: the end, but also you kind of shine a light

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Speaker 7: on this disproportion in the music industry between these streamers

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Speaker 7: kind of using their power to be the place where musicians,

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Speaker 7: if they want to get hurt and want to attract

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Speaker 7: new listeners, they really have to put their music there.

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Speaker 7: And yet they're paid a tiny, tiny, you know, fraction

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Speaker 7: of a penny per stream It's really not that much

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Speaker 7: money if you're not a huge star like a Taylor Swift.

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Speaker 7: So she kind of was like positioning herself as an

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Speaker 7: ally of musicians at large.

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Speaker 1: And this is a really important point because it used

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Speaker 1: to be that musicians would make a lot of their

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Speaker 1: money from selling albums and then tapes and then CDs,

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Speaker 1: but now it really is performing much more than streaming

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Speaker 1: or the sales of the actual music itself that drives

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Speaker 1: a musician's.

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Speaker 3: Profits, Yes, exactly, which is tough.

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Speaker 5: I mean, I think about it.

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Speaker 7: A viral musician, maybe I don't want a tour that

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Speaker 7: sounds really grueling, But if you really want to make

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Speaker 7: a lot of money, like you have to be out

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Speaker 7: performing because that's where the margin is.

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Speaker 1: And yet you write that she's one of the few

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Speaker 1: musicians who is able to make money selling physical copies

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Speaker 1: of music when almost everybody else has just gone kind

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Speaker 1: of to digital.

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Speaker 6: Yeah, she's been able to sort of capitalize on that

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Speaker 6: fan base and has positioned a lot of her albums

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Speaker 6: and her record sales as this collector's item, and that's

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Speaker 6: pretty unique. I mean you're seeing, you know, records that

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Speaker 6: are sold out because she's advertised them to her fans,

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Speaker 6: and they view it as this sort of badge of

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Speaker 6: honor to have a physical copy of her music, not

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Speaker 6: just streaming it online.

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Speaker 7: And music analyst I was talking to telling me she

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Speaker 7: even sells CDs. I mean, lots of musicians today, they

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Speaker 7: of course, they still make physical music, they still put

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Speaker 7: out final they still put out CDs, But the difference

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Speaker 7: is Taylor's really selling them. She probably is producing much

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Speaker 7: bigger quantities because they're going to move. I think that's

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Speaker 7: maybe some of her demographic is so young that it's

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Speaker 7: like cool and retro as a record, a vinyl record

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Speaker 7: to some people.

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Speaker 5: I don't know how they play it.

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Speaker 1: But when we come back Taylor Swift's fight to take

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Speaker 1: back control of her music. The other really big thing

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Speaker 1: that Taylor Swift did that you write about was to

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Speaker 1: take back control of her own music catalog.

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Speaker 3: Yeah.

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Speaker 7: So, how it works in music is often when an

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Speaker 7: artist signs with a record label, it's kind of an

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Speaker 7: artist for higher deal. Typically, as they say yes, this

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Speaker 7: record label is going to produce an album for the artist.

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Speaker 7: In return, they give the artist a big chunk of

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Speaker 7: money and the record label gets to keep what they

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Speaker 7: call usually the masters writes to the music, which is

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Speaker 7: the copyright to the actual music recording, the actual music

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Speaker 7: that they make, the songs that go on an album

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Speaker 7: the record label keeps. So that means if the songs

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Speaker 7: are played in the future in a public setting, or

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Speaker 7: if they're used in a commercial, or if they're streamed

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Speaker 7: on Spotify, they get a good healthy royalty stream down

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Speaker 7: the road, so that was the deal Taylor Swift had

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Speaker 7: for her first six albums. It was for a record

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Speaker 7: label called Big Machine, which is based in Nashville, and

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Speaker 7: they really kind of took a chance on her. I mean,

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Speaker 7: she was fourteen years old when she signed with them,

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Speaker 7: and she was with them for six years, and then

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Speaker 7: she laughed. She basically went independent and the record label

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Speaker 7: was sold. The record label's biggest asset by far was

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Speaker 7: the masters to Taylor Swift's albums, and then ultimately a

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Speaker 7: few years later, Taylor Swift's masters itself was sold again.

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Speaker 7: And there was some drama to these sales because it

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Speaker 7: involved a former manager of hers, so she had a

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Speaker 7: tricky relationship with But it meant that Taylor Swift didn't

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Speaker 7: have control of her masters. She basically didn't own that

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Speaker 7: music essentially anymore. She did have some rights to it

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Speaker 7: because she wrote the songs, but she didn't have like

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Speaker 7: the big meaty, really valuable rights that are known as

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Speaker 7: the masters. And she really was very public about how

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Speaker 7: upset she was that she lost control of these rights,

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Speaker 7: that it was her music and it was really hard

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Speaker 7: to see it sold twice, and that she said she

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Speaker 7: did not have an opportunity to buy those rights even

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Speaker 7: though she wanted to.

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Speaker 5: That was really what she wanted more than anything else.

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Speaker 5: So she said what she was.

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Speaker 7: Going to do was re record all of those albums

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Speaker 7: and re record them so that she would own the rights.

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Speaker 5: Now, now, could you re record? Oh yeah, might you

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Speaker 5: do that? Oh yeah, that's a plan.

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Speaker 7: Yeah, absolutely, And that was a really bold thing to do.

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Speaker 7: First of all, it's very hard to like re record

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Speaker 7: a song and make it sound exactly like the original,

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Speaker 7: especially when you consider like she's thirty three now, she

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Speaker 7: was a teenager when she did some of these songs. Also,

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Speaker 7: I mean, it's risky. It basically means that, yes, she's

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Speaker 7: going to have the masters, but there's another version of

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Speaker 7: these songs out there, So how valuable are her master's

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Speaker 7: going to be? And that's kind of like where the

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Speaker 7: power of Taylor's fan base comes in. So she's four

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Speaker 7: albums in of the sixth total she's going to do,

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Speaker 7: and she's calling these new versions parentheses Taylor's version, And

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Speaker 7: it's not hard to imagine that the fans, her millions

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Speaker 7: and millions of passionate fans, they want to listen to

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Speaker 7: Taylor's version because Taylor's done a really good job of

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Speaker 7: vilifying how it all went down with her first six albums.

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Speaker 2: Taylor Swift keeps on making music history. Her latest album,

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Speaker 2: Speak Now, Taylor's Version debut at number one on Billboard's

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Speaker 2: Album charts this week. No big surprise here, right. That

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Speaker 2: gives her four albums in the top ten at the

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Speaker 2: same time.

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Speaker 6: It's like Beatles ask.

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Speaker 5: It's pretty amazing.

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Speaker 1: Yeah, and Claire, a lot of these millions and millions

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Speaker 1: of passionate fans were buying Taylor's version also owned the

300
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Speaker 1: original version, so she's getting double the sales on some

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Speaker 1: of these albums.

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Speaker 6: Yeah, I mean, it's pretty incredible, you know. And she's

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Speaker 6: not just re recording the initial albums like an identical version.

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Speaker 6: She's also so adding some of these songs that were cut.

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Speaker 6: So in some cases she's adding ten or more additional

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Speaker 6: songs that people haven't heard before to each album. So

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Speaker 6: it's almost like you're getting a better version of these

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Speaker 6: albums that you loved from you know, ten years ago,

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Speaker 6: and you're also getting new music from that era that

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Speaker 6: you hadn't heard before. In addition to that, obviously, she's

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Speaker 6: used you know, records and other merch and there are

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Speaker 6: all these accessories you can get with the release of

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Speaker 6: a new re recording, and the fan base of course

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Speaker 6: just will buy anything that she puts out.

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Speaker 1: And Devin, when you had all that up, do we

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Speaker 1: know what her new Taylor's Version albums are? Ashley worth?

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Speaker 7: So it's conjecture for sure, Like everything you know, that's

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Speaker 7: a private asset. But we have some interesting comparable transactions

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Speaker 7: to look at because it's been more common in the

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Speaker 7: past few years for musicians to sell their catalogs.

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Speaker 3: Their catalog is basically.

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Speaker 7: Rights to their music that they own, so they're going

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Speaker 7: to have a piece to their music rights and they've

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Speaker 7: been selling it. So we've seen Bruce Springsteen sold his

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Speaker 7: catalog for five hundred and fifty million dollars a couple

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Speaker 7: of years ago. Just a couple of weeks ago, Katie

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Speaker 7: Perry sold hers for a reported two hundred and twenty

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Speaker 7: five million dollars.

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Speaker 3: So what would Taylor Swifts be worth? So we'd have

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Speaker 3: to kind.

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Speaker 7: Of look at her whole body of work and know

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Speaker 7: that for the Taylor's Version, there's kind of a duplicate

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Speaker 7: set out there floating around, which is going to dilute slightly,

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Speaker 7: but I think that Dilution's going to become, you know,

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Speaker 7: almost not a thing in the future because the Taylor's

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Speaker 7: version is going to dominate. And she also has the

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Speaker 7: albums that she recorded after she left Big Machine, including

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Speaker 7: Midnights and some others. So altogether, I mean we got

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Speaker 7: a range. Some people said it could be worth up

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Speaker 7: to a billion dollars her catalog, like at the most

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Speaker 7: sort of bullish. Other people said or like, you know,

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Speaker 7: four hundred five hundred million. So I think four hundred

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Speaker 7: five hundred million is what we went for with for

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Speaker 7: our official net worth analysis, with sort of the caveat.

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Speaker 5: That it could be worth much more.

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Speaker 7: And one of the reasons that it could be worth

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Speaker 7: much more is that Taylor Swift a has just this

348
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Speaker 7: huge passionate fan base who are going to follow her

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Speaker 7: through her career. And b Taylor Swift is thirty three,

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Speaker 7: so she has so much to mean she's calling this

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Speaker 7: tour her eras tour, but I mean there's so many

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Speaker 7: more eras to come.

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Speaker 6: It's funny whenever you know there's a report of a

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Speaker 6: Taylor Swift breakup or her new relationship, all the fans

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Speaker 6: just are thinking, oh yeah, We've got lots of albums

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Speaker 6: to come from this. She'll take inspiration from this breakup.

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Speaker 6: And you know, with her new relationship with NFL star

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Speaker 6: Travis Kelcey, all the fans are thinking, oh, yeah, we're

359
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Speaker 6: going to get new music from this era as well.

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Speaker 5: Yeah, some material.

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Speaker 1: You're right that just the attention of that new relationship

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Speaker 1: has also had huge sales effects.

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Speaker 6: Yeah, so we saw just you know, this rumored relationship

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Speaker 6: between the two really drive interest in NFL games. There

365
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Speaker 6: was a twenty two percent increase in total audience that

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Speaker 6: the NFL saw just because people wanted to watch and

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Speaker 6: for a glimpse of Taylor. So it just really showed

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Speaker 6: her ability to drive consumer behavior and how people really

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Speaker 6: will flock to whatever she is doing, even if it's football.

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Speaker 6: You know, you saw more women have at least a

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Speaker 6: surface level interest in what was going on with these games.

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Speaker 6: Sales of his jersey increased four hundred percent because people

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Speaker 6: were suddenly you know, interested in that aspect because of

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Speaker 6: his relationship with Taylor. So it was pretty remarkable, and

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Speaker 6: I will say the NFL really did capitalize on that too.

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Speaker 6: I mean, they were showing her constantly in some of

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Speaker 6: these games. And you know, I think they realize as

378
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Speaker 6: well that you know, this is a way for them

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Speaker 6: to boost their audience too, So it sort of was

380
00:19:48,840 --> 00:19:53,040
Speaker 6: a mutually beneficial partnership between the two of them.

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Speaker 1: After the break the inner workings of Taylor Swift, Inc. Devin,

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Speaker 1: how do you go about trying to evaluate Taylor's swifts? Well,

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Speaker 1: there's some stuff that's public, but a lot of the

384
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Speaker 1: stuff isn't public.

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Speaker 7: So we came up with an estimate of one point

386
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Speaker 7: one billion dollars. But I cannot stress enough that that

387
00:20:19,400 --> 00:20:22,000
Speaker 7: is a conservative estimate because we try not to make

388
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Speaker 7: too many assumptions when we're doing these networth estimates. And

389
00:20:25,680 --> 00:20:27,840
Speaker 7: so you have to start with Taylor Swift is you

390
00:20:27,880 --> 00:20:30,399
Speaker 7: have to think about earnings because of course she's breaking

391
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Speaker 7: in money from streaming and from concert ticket sales and

392
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Speaker 7: from music sales.

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Speaker 5: So some of that information's public.

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Speaker 7: I mean, we know average ticket price, we know how

395
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Speaker 7: many tickets she's sold, how many tours she's done, because

396
00:20:41,680 --> 00:20:45,199
Speaker 7: this is her sixth tour, I believe you basically just

397
00:20:45,240 --> 00:20:47,680
Speaker 7: have to add up all that money. We also have

398
00:20:47,720 --> 00:20:49,960
Speaker 7: to factor in she's paying taxes, we have to factor

399
00:20:50,040 --> 00:20:53,720
Speaker 7: and she pays her team her agents or attorneys, and

400
00:20:53,760 --> 00:20:56,240
Speaker 7: then of course there are some pieces we approach more

401
00:20:56,320 --> 00:20:59,679
Speaker 7: like a private asset. Her real estate is quite significant

402
00:21:00,000 --> 00:21:02,639
Speaker 7: built up that and we can definitely put a value

403
00:21:02,640 --> 00:21:05,120
Speaker 7: on that, and also the music catalog, which is an

404
00:21:05,119 --> 00:21:09,399
Speaker 7: increasingly really important discrete asset for musicians. So there was

405
00:21:09,400 --> 00:21:11,840
Speaker 7: the exercise of trying to figure out how much would

406
00:21:11,880 --> 00:21:14,160
Speaker 7: someone pay for that if she were to sell it.

407
00:21:14,160 --> 00:21:18,680
Speaker 7: It is a small, i think, tightly managed little organization,

408
00:21:19,359 --> 00:21:22,720
Speaker 7: but it's i'd say, very serious about what it does.

409
00:21:22,800 --> 00:21:26,040
Speaker 7: So one interesting thing is that she has it looks

410
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Speaker 7: like a number of LLC's. It seems to be ten,

411
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Speaker 7: and we think it's ten because her father, Scott Swift,

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Speaker 7: is a longtime registered investment advisor with Merrill Lynch. He

413
00:21:36,640 --> 00:21:40,160
Speaker 7: started in Wyomissing, Pennsylvania, which is where Taylor Swift was from,

414
00:21:40,400 --> 00:21:43,400
Speaker 7: the family moved to Nashville, and we've seen in these

415
00:21:43,440 --> 00:21:46,960
Speaker 7: filings from the Securities Exchange Commission, which if you're a

416
00:21:47,040 --> 00:21:48,960
Speaker 7: registered investment advisor you have.

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Speaker 5: To file with them that her dad also.

418
00:21:51,720 --> 00:21:56,680
Speaker 7: Helps oversee ten LLC's which are affiliated with different parts

419
00:21:56,720 --> 00:22:00,479
Speaker 7: of her business or holdings. Some of these LLC's oversea

420
00:22:00,520 --> 00:22:03,360
Speaker 7: properties she owns. She has some really lovely properties in

421
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Speaker 7: Beverly Hills and in Rhode Island. All together they're worth

422
00:22:06,840 --> 00:22:09,840
Speaker 7: one hundred and ten million dollars. One of them manages

423
00:22:09,920 --> 00:22:12,800
Speaker 7: to private jets, one of them owns an airplane hangar.

424
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Speaker 7: One of them, which I think is a very important,

425
00:22:15,400 --> 00:22:19,760
Speaker 7: owns a merchandising business, and obviously merchandising such an important

426
00:22:19,760 --> 00:22:22,119
Speaker 7: part of her business that brings in a huge amount

427
00:22:22,160 --> 00:22:24,680
Speaker 7: of revenue at these concerts and then also just through

428
00:22:24,680 --> 00:22:30,280
Speaker 7: her own website. He also helps oversee a copyright related business.

429
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Speaker 7: We don't have a lot of visibility into that. But

430
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Speaker 7: she has all of these really catchy, famous lyrics. They

431
00:22:36,320 --> 00:22:39,280
Speaker 7: are known to kind of police the use of these

432
00:22:39,520 --> 00:22:43,160
Speaker 7: lyrics and songs quite rigorously, and.

433
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Speaker 6: I think it really just speaks to how she's kept

434
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Speaker 6: it very in house. I mean, she's had her dad

435
00:22:49,200 --> 00:22:53,520
Speaker 6: really helped drive this. It also speaks to she's obviously

436
00:22:53,560 --> 00:22:57,200
Speaker 6: worked very hard for her career and has been tremendously successful.

437
00:22:57,200 --> 00:22:59,960
Speaker 6: But you know, she didn't start from absolutely no way.

438
00:23:00,480 --> 00:23:02,600
Speaker 6: She did have a little guidance on the way, and

439
00:23:02,640 --> 00:23:04,879
Speaker 6: I think that really set the foundation for her to

440
00:23:04,920 --> 00:23:08,080
Speaker 6: be so lucrative later on you know, we've seen a

441
00:23:08,080 --> 00:23:12,000
Speaker 6: lot of musicians have missteps, but because it's so tightly controlled,

442
00:23:12,040 --> 00:23:13,879
Speaker 6: and I think she had her dad to advise her

443
00:23:13,880 --> 00:23:15,080
Speaker 6: on in a lot of these things that sort of

444
00:23:15,080 --> 00:23:18,159
Speaker 6: helped build the basis for this, you know, hugely profitable

445
00:23:18,200 --> 00:23:19,040
Speaker 6: career later on.

446
00:23:20,000 --> 00:23:22,919
Speaker 1: And another thing you write about is that she's not

447
00:23:23,000 --> 00:23:27,480
Speaker 1: just selling things to her fans, selling music, it's that

448
00:23:27,560 --> 00:23:32,040
Speaker 1: she has developed this way of speaking to them directly

449
00:23:32,160 --> 00:23:35,720
Speaker 1: through social media and other platforms in a way that

450
00:23:36,240 --> 00:23:39,840
Speaker 1: previous big artists were not able to do.

451
00:23:40,720 --> 00:23:43,120
Speaker 7: Yeah, so Taylor Swift is a digital native. I mean

452
00:23:43,200 --> 00:23:46,239
Speaker 7: she grew up in a time where communicating on the

453
00:23:46,240 --> 00:23:49,080
Speaker 7: internet through social media was completely normal and it's what

454
00:23:49,160 --> 00:23:52,399
Speaker 7: you did. Being you know, a little bit confessional was

455
00:23:52,520 --> 00:23:55,439
Speaker 7: a very normal and appropriate way to engage with people.

456
00:23:55,840 --> 00:23:58,840
Speaker 7: And she has done a great job kind of finding

457
00:23:58,880 --> 00:24:02,040
Speaker 7: a voice that really spoken to her fans, that treads

458
00:24:02,040 --> 00:24:05,520
Speaker 7: this line between being private enough but also open and

459
00:24:05,560 --> 00:24:08,000
Speaker 7: seeming like a friend. And I think that's really like

460
00:24:08,560 --> 00:24:11,720
Speaker 7: ingrained her into the hearts of so many people. You know,

461
00:24:11,760 --> 00:24:14,880
Speaker 7: it was just this this incredible, successful and talented artist,

462
00:24:14,960 --> 00:24:16,800
Speaker 7: but who also feels like someone I could know and

463
00:24:16,840 --> 00:24:19,159
Speaker 7: someone whose relationships I know, and I hear about her

464
00:24:19,160 --> 00:24:22,240
Speaker 7: heartache and I know about her backstory, and that has

465
00:24:22,280 --> 00:24:25,880
Speaker 7: been really powerful and unique. Like you can't really imagine

466
00:24:26,040 --> 00:24:29,760
Speaker 7: Michael Jackson having that relationship with his fans are definitely

467
00:24:29,800 --> 00:24:34,440
Speaker 7: not Madonna, you know, really different kind of megastar fan relationship.

468
00:24:35,160 --> 00:24:37,400
Speaker 6: I mean, I think she's tremendously relatable in a lot

469
00:24:37,400 --> 00:24:41,280
Speaker 6: of ways. I mean, we've seen her catalog, her relationships

470
00:24:41,320 --> 00:24:45,199
Speaker 6: and breakups and all of these songs since she was sixteen,

471
00:24:45,320 --> 00:24:48,160
Speaker 6: and people feel like they've grown up with her through

472
00:24:48,440 --> 00:24:51,199
Speaker 6: these various life events that she's gone through and then

473
00:24:51,240 --> 00:24:55,040
Speaker 6: written about in her songs so transparently. So people really

474
00:24:55,119 --> 00:24:57,280
Speaker 6: do feel like they know her, which of course can

475
00:24:57,320 --> 00:24:59,040
Speaker 6: be a ble uched sword. You know, people think they

476
00:24:59,080 --> 00:25:01,760
Speaker 6: know a lot about life, and who knows what's actually

477
00:25:01,760 --> 00:25:04,760
Speaker 6: true and what's not. But regardless, people really do feel

478
00:25:04,800 --> 00:25:07,520
Speaker 6: like they have this inside look into her life and

479
00:25:07,560 --> 00:25:09,639
Speaker 6: what she's going through, and that just makes her so

480
00:25:09,760 --> 00:25:11,360
Speaker 6: much more relatable to them.

481
00:25:11,800 --> 00:25:14,160
Speaker 7: And it's also sort of like a treasure hunt aspect

482
00:25:14,200 --> 00:25:15,560
Speaker 7: to it too, Like she has like.

483
00:25:15,560 --> 00:25:18,000
Speaker 5: Clues what does she call them, Easter eggs? Easter eggs.

484
00:25:18,080 --> 00:25:20,680
Speaker 6: Yeah, yes, she has Easter eggs of when she's releasing

485
00:25:20,760 --> 00:25:22,920
Speaker 6: albums and things like that, she'll put a little Easter

486
00:25:23,000 --> 00:25:25,680
Speaker 6: egg in, like maybe a photo she posts on Instagram.

487
00:25:25,760 --> 00:25:29,399
Speaker 6: And you know, people have theories that are probably ludicrous

488
00:25:29,440 --> 00:25:32,040
Speaker 6: and just how elaborate they are, but she definitely does

489
00:25:32,320 --> 00:25:36,840
Speaker 6: purposely put some hints in her social media timeline of

490
00:25:36,920 --> 00:25:38,960
Speaker 6: things to come that she's going to release or do.

491
00:25:40,800 --> 00:25:43,399
Speaker 1: Well. Speaking of things to come, what is next for

492
00:25:43,560 --> 00:25:45,720
Speaker 1: Taylor Swift? Where does she go from here?

493
00:25:46,359 --> 00:25:48,119
Speaker 7: Writing the story, I kind of felt like we were writing

494
00:25:48,119 --> 00:25:50,720
Speaker 7: about someone sort of at that peak, like how could

495
00:25:50,760 --> 00:25:54,080
Speaker 7: it get crazier? But then she goes and releases this movie,

496
00:25:54,119 --> 00:25:57,800
Speaker 7: The Era's Concert Tour Movie, which in its opening weekend

497
00:25:57,840 --> 00:26:01,120
Speaker 7: did ninety two point eight million dollars in sales, by

498
00:26:01,280 --> 00:26:05,119
Speaker 7: far the biggest concert movie ever, And so she was

499
00:26:05,280 --> 00:26:07,880
Speaker 7: kind of allowing, after all this buzz, all of us

500
00:26:07,960 --> 00:26:10,280
Speaker 7: poor people who didn't get to see it now have

501
00:26:10,359 --> 00:26:11,040
Speaker 7: a chance to.

502
00:26:11,040 --> 00:26:11,919
Speaker 5: Go watch it.

503
00:26:12,000 --> 00:26:14,080
Speaker 7: We could watch it again and again, and even people

504
00:26:14,119 --> 00:26:16,639
Speaker 7: who did go to the concert are buying tickets because

505
00:26:16,760 --> 00:26:18,879
Speaker 7: this movie is a front row seat, so it's a

506
00:26:18,880 --> 00:26:22,520
Speaker 7: totally different vantage point. And I think she's just caught

507
00:26:22,560 --> 00:26:24,879
Speaker 7: a really long career ahead of her, and we've already

508
00:26:24,920 --> 00:26:30,360
Speaker 7: seen this really interesting transformation from country to pop country

509
00:26:30,440 --> 00:26:34,880
Speaker 7: to really pop star, so you know she could take

510
00:26:34,880 --> 00:26:37,880
Speaker 7: it in all sorts of really different directions going forward.

511
00:26:38,920 --> 00:26:42,439
Speaker 1: And Claire the eras tour itself now is going on

512
00:26:42,520 --> 00:26:43,399
Speaker 1: the road again.

513
00:26:44,160 --> 00:26:46,720
Speaker 6: Yeah, she has a whole international leg of the tour

514
00:26:46,800 --> 00:26:50,399
Speaker 6: coming up and you know, likely going to do tremendous

515
00:26:50,440 --> 00:26:54,240
Speaker 6: ticket sales and merg sales there, So she has a

516
00:26:54,280 --> 00:26:56,679
Speaker 6: lot to go in terms of profits coming up just

517
00:26:56,720 --> 00:26:58,800
Speaker 6: from this upcoming leg of her tour.

518
00:26:59,400 --> 00:27:01,840
Speaker 1: And I know it's one person who's going to be

519
00:27:01,880 --> 00:27:03,760
Speaker 1: seeing her in tour overseas.

520
00:27:04,400 --> 00:27:07,560
Speaker 6: Yes, I'm actually going to France to see her. My

521
00:27:07,640 --> 00:27:09,560
Speaker 6: friend was able to get us tickets at a more

522
00:27:09,600 --> 00:27:12,120
Speaker 6: reasonable price than we could in the US, so it's

523
00:27:12,240 --> 00:27:15,320
Speaker 6: gonna be really fun. And also I think to shows.

524
00:27:15,359 --> 00:27:17,439
Speaker 6: You know, I'm not the only person doing this. People

525
00:27:17,520 --> 00:27:22,240
Speaker 6: are traveling distances to see her shows internationally, so she

526
00:27:22,280 --> 00:27:25,400
Speaker 6: does have a lot to come just with this tour.

527
00:27:25,840 --> 00:27:30,480
Speaker 1: Take me with you, Devin, Claire, thanks so much for

528
00:27:30,520 --> 00:27:34,199
Speaker 1: coming on the show. Thank you, thank you, thanks for

529
00:27:34,280 --> 00:27:36,119
Speaker 1: listening to us here at the Big Take. It's a

530
00:27:36,200 --> 00:27:40,520
Speaker 1: daily podcast from Bloomberg and iHeartRadio. For more shows from iHeartRadio,

531
00:27:40,640 --> 00:27:44,359
Speaker 1: visit the iHeartRadio app, Apple Podcasts, or wherever you listen.

532
00:27:44,680 --> 00:27:47,200
Speaker 1: And we'd love to hear from you. Email us questions

533
00:27:47,280 --> 00:27:50,760
Speaker 1: or comments to Big Take at Bloomberg dot net. The

534
00:27:50,800 --> 00:27:54,080
Speaker 1: supervising producer of the Big Take is Vicky Virgolino. Our

535
00:27:54,160 --> 00:27:57,840
Speaker 1: senior producer is Catherine Fink. Our producers are Michael Falero

536
00:27:58,040 --> 00:28:01,880
Speaker 1: and Moberra Hil de Garcia as our engineer. Our original

537
00:28:01,960 --> 00:28:05,600
Speaker 1: music was composed by Leo Sidron. I'm Westkasova. We'll be

538
00:28:05,680 --> 00:28:08,800
Speaker 1: back on Monday with another Big Take. Every great weekend