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Speaker 1: Taylor Swift's Midnight breaking records, moving more than one million

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Speaker 1: units in a week, and she did it in three day.

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Speaker 1: Full Taylor takeover.

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Speaker 2: The phenomenon that is Tyler Swift. Another record. Taylor Swift's

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Speaker 2: Eras Tour is.

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Speaker 3: On track to become the highest grossing tour of all time.

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Speaker 4: Welcome to the Aeros Tour. Taylor Swift has been a

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Speaker 4: megastar for years now, but these days the pop singer

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Speaker 4: is absolutely unavoidable. Oh her hit songs, her record breaking

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Speaker 4: Eras concert tour, and a new blockbuster movie, not to

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Speaker 4: mention her approachable, down to earth persona. Have won heard

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Speaker 4: tens of millions of diehard fans.

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Speaker 2: People come up to me and they'd be like, you're

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Speaker 2: you gonna just like do a show with like all

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Speaker 2: the albums in it, And I was like, Yeah, it's

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Speaker 2: gonna be called the Aeros Tour. See you there.

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Speaker 4: Bloomberg's Devin Pendleton and Claire Ballentine report that Swift has

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Speaker 4: also made astute business decisions and has a high tolerance

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Speaker 4: for taking risks. As a result. At age thirty three,

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Speaker 4: she's now reached a new milestone billionaire.

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Speaker 5: Never really have I ever seen an entertainer. So an

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Speaker 5: athlete or a musician or an actor really become a

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Speaker 5: billionaire based on their art alone. She's actually really done

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Speaker 5: it based on her music, and that's extraordinary and very

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Speaker 5: difficult to do.

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Speaker 2: It was all by design, because I'm a master of mine.

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Speaker 4: I'm West Kasova today on the Big Take The Business

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Speaker 4: of being Taylor Swift. Devin Claire, Obviously this was like

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Speaker 4: the summer of Taylor Swift. But Devin, why did you

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Speaker 4: want to go find out how much she's worth?

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Speaker 5: Taylor was everywhere this summer. She's been around for a while,

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Speaker 5: but all of a sudden, she was just this incredibly

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Speaker 5: epic moment. I don't think in my lifetime I've ever

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Speaker 5: been as close to living in a monoculture as this summer.

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Speaker 5: And of course, you know, as living I tabulate how

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Speaker 5: much people are worth, So of course we're all curious.

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Speaker 5: I'm thinking, like, how much is she made from this?

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Speaker 5: She's got to be a billionaire, And no, didn't seem

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Speaker 5: like anyone had declared she was a billionaire. But surely

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Speaker 5: the Era's tour, which is just this mega hit this summer,

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Speaker 5: has pushed her over the edge. So we got to

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Speaker 5: crunching some numbers and turned out that the Taylor Swift

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Speaker 5: economy universe was incredibly vast and way more complex than

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Speaker 5: I had any idea.

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Speaker 2: And I remember when we first started this project, didn't

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Speaker 2: you initially think she was almost a billionaire but not

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Speaker 2: quite so? Then it was really fun as the reporting

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Speaker 2: went on to see, oh, she's crossed that.

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Speaker 5: Mart Yeah, And it was exactly that, like the Aras tour.

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Speaker 5: We started out I think as a placeholder saying Taylor

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Speaker 5: Swift high nine figures and then all of a sudden thinking,

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Speaker 5: oh my gosh, no, she's done it. Like ring the gong,

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Speaker 5: we're here, and.

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Speaker 4: I really like to get into all the different things

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Speaker 4: that combine to really push her over the top. But

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Speaker 4: you also write that for a musician, even when as

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Speaker 4: fabulously successful as she is, reaching a billion dollars is

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Speaker 4: not easy and pretty unusual.

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Speaker 5: Yes, it really is. And I've been covering billionaires and

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Speaker 5: super rich people for sixteen years and never really have

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Speaker 5: I ever seen an entertainer, so an athlete, or a

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Speaker 5: musician or a actor really become a billionaire based on

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Speaker 5: their art alone. Like when they have done it, it's

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Speaker 5: usually been because of a business venture, a terrific fragrance

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Speaker 5: steel or dine, a property branding thing. But she's actually

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Speaker 5: really done it based on her music, and that's extraordinary

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Speaker 5: and very difficult to do.

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Speaker 4: Claire, we started talking about the Era's Tour, which is

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Speaker 4: the thing I think people are most aware of right now,

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Speaker 4: just how big was Eras for Taylor Swift.

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Speaker 2: So the arastur came about post pandemic. There was so

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Speaker 2: much demand for concerts, and during the pandemic when everything

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Speaker 2: was shut down, she released four albums in twenty twenty

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Speaker 2: and twenty twenty one and then came out with a

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Speaker 2: brand new album, Midnight's Last Year, and she really capitalized

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Speaker 2: on this moment where people had this demand for live music.

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Speaker 2: And you know, she could have done this tour for

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Speaker 2: just her most recent albums, for you know, the ones

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Speaker 2: that hadn't gotten the whole you know, Rollout and a

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Speaker 2: world not under lockdown, but instead she sort of chose

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Speaker 2: to make this a celebration of her entire catalog and career,

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Speaker 2: and that sort of created this huge cultural moment that

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Speaker 2: we saw this summer.

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Speaker 5: Not only did she have all these co but these

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Speaker 5: concerts were in stadiums, massive stadiums like football stadiums, and

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Speaker 5: that is also remarkable because she packed these stadiums. I mean,

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Speaker 5: they were all sold out, and it's really just a

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Speaker 5: 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 2: People were paying so much money to go to these concerts.

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Speaker 2: It was unbelievable.

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Speaker 5: Yeah, So the shows were two hundred and fifty four

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Speaker 5: dollars on average, but many people paid so much more

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Speaker 5: than that. Because of the resale market, there's obviously tiered seating,

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Speaker 5: so I mean, sky's the limit. I don't know exactly

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Speaker 5: who paid the most, but in tens of thousands of

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Speaker 5: dollars easily.

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Speaker 2: And I thought one thing that she did that was

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Speaker 2: so smart in these tours is so she had the

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Speaker 2: list of songs that she would play at each show,

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Speaker 2: and of course the fans quickly picked up on that

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Speaker 2: and it was published, you know, the set list, but

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Speaker 2: at each show she had us prize song or a

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Speaker 2: couple of surprise songs, and that could be anything from

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Speaker 2: her entire catalog of music. And so I thought that

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Speaker 2: was so smart because it added this element of surprise

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Speaker 2: to each show, and you know, I've heard people talking about,

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Speaker 2: you know, the different concerts that they went to this summer,

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Speaker 2: and the thing that people ask is they were like,

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Speaker 2: what was your surprise song?

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Speaker 4: So, Devin, when you add it all up, what was

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Speaker 4: this giant spectacle of the Era's tour really worth?

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Speaker 5: We estimated that so far the tours brought in over

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Speaker 5: seven hundred million dollars. That is based just on ticket sales.

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Speaker 5: That doesn't include merch, that doesn't include soft pretzels and

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Speaker 5: wings and all those other things that people buy at

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Speaker 5: the concert. That's really just based on ticket sales, based

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Speaker 5: on the average price of two hundred and fifty four dollars, and.

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Speaker 4: So the actual value, sort of the knock on economic

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Speaker 4: effect is actually a whole lot larger than that.

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Speaker 2: Yeah, Bloomberg Economics estimates that just this North American lego,

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Speaker 2: the tour contributed four point three billion dollars to GDP,

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Speaker 2: which is tremendous. We saw hotel revenues at some of

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Speaker 2: these cities just go through the roof, you know, going

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Speaker 2: out to restaurants when they're traveling. It was a big

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Speaker 2: item for summer travel this year. You saw a lot

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Speaker 2: of the cities that really were seeing huge benefits of

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Speaker 2: her being there, and they wanted her there and were

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Speaker 2: able just to capitalize on that to really boost their

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Speaker 2: local economies.

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Speaker 4: And one of the things you write which really stood

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Speaker 4: out was this idea that it caused such an economic

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Speaker 4: ripple wherever it went that the Federal Reserve started watching

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Speaker 4: these sales as an economic indicator.

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Speaker 2: Yeah. I think that for them, it was a pretty

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Speaker 2: notable point that so many people had the money to

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Speaker 2: pay for these tickets. It's pretty incredible that people would

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Speaker 2: have enough money to go out and do that. It

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Speaker 2: was a sign of the consumer strength, and I think

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Speaker 2: that's what they were really looking for this summer, you know,

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Speaker 2: Taylor and in addition Beyonce and of course there's the

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Speaker 2: Barbe movie and Oppenheimer and some of these major blockbusters

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Speaker 2: that people were going out and spending on the summer,

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Speaker 2: and it really showed that people just felt secure enough

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Speaker 2: in their economic situations to go out and spend money

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Speaker 2: on these tours.

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Speaker 4: Devin, the Era's tour was kind of the big center

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Speaker 4: piece of traction that I think a lot of people see.

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Speaker 4: But you also write that behind the scenes, Taylor Swift

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Speaker 4: has been very savvy at building a business around her persona,

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Speaker 4: her music, and like the whole Taylor Swift ecosystem is

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Speaker 4: really what also drives this increase in her wealth she has.

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Speaker 5: Where we are looking backwards, you can really see how

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Speaker 5: savvy she's been from a pretty young age. I guess

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Speaker 5: one of the sort of watershed moments would be back

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Speaker 5: in twenty fifteen. I think it was Spotify was picking

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Speaker 5: up a lot of traction, was where most people returning

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Speaker 5: to to get their music, Spotify and other streaming services,

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Speaker 5: and she yanked all of her music off of it

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Speaker 5: in protest of what she said was unfair compensation, saying, basically,

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

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Speaker 5: on my art.

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Speaker 3: She tells Yahoo Music this morning. Spotify felt like an experiment,

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Speaker 3: and she's not willing to contribute her life's work to

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Speaker 3: an experiment. She says, I try to really remain open

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Speaker 3: minded about things because I do think it's important to

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Speaker 3: be a part of progress. But I think it's really

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Speaker 3: up for debate whether Spotify is actual progress.

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Speaker 5: And she kind of had the power to do that,

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Speaker 5: and her fans were very happy to see her music

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Speaker 5: out elsewhere. It was off for a number of years

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Speaker 5: I think she went back on in twenty seventeen. Yeah, yeah,

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Speaker 5: And we don't know the terms of the deal, of course,

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Speaker 5: that she negotiated Spotify when she came back on, but

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Speaker 5: you can only surmise that she struck a better deal.

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Speaker 5: That would say was sort of a notable thing for one,

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Speaker 5: because obviously it probably worked out monetarily for her in

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Speaker 5: the end, but also you kind of shine a light

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Speaker 5: on this disproportion in the music industry between these streamers

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Speaker 5: kind of using their power to be the place where musicians,

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Speaker 5: if they want to get hurt and want to attract

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Speaker 5: new listeners, they really have to put their music there.

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Speaker 5: And yet they're paid a tiny, tiny, you know, fraction

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Speaker 5: of a penny per stream It's really not that much

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Speaker 5: money if you're not a huge star like a Taylor Swift.

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Speaker 5: So she kind of was like positioning herself as an

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Speaker 5: ally of musicians at large.

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Speaker 4: And this is a really important point because it used

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Speaker 4: to be that musicians would make a lot of their

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Speaker 4: money from selling albums and then capes and then CDs,

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Speaker 4: but now it really is performing much more than streaming

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Speaker 4: or the sales of the actual music itself that drives

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Speaker 4: a musician's.

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Speaker 5: Profits, yes, exactly, which is tough. I mean, I think

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Speaker 5: about it. A viral musician, maybe I don't want a

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Speaker 5: tour that sounds really grueling, but if you really want

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Speaker 5: to make a lot of money, like you have to

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Speaker 5: be out performing because that's where the margin is.

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Speaker 4: And yet you write that she's one of the few

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Speaker 4: musicians who is able to make money selling physical copies

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Speaker 4: of music when almost everybody else has just gone kind

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Speaker 4: of to digital.

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Speaker 2: Yeah, she's been able to sort of capitalize on that

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Speaker 2: fan base and has positioned a lot of her albums

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Speaker 2: and her record sales as this collector's item, and that's

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Speaker 2: pretty unique. I mean you're seeing, you know, records that

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Speaker 2: are sold out because she's advertised them to her fans,

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Speaker 2: and they view it as this sort of badge of

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Speaker 2: honor to have a physical copy of her music, not

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Speaker 2: just streaming it online.

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Speaker 5: And music analyst I was talking to telling me she

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Speaker 5: even sells CDs. I mean, lots of musicians today, they

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Speaker 5: of course they still make physical music, they still put

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Speaker 5: out final they still put out CDs, but the difference

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Speaker 5: is Tailor's really selling them, and she probably is producing

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Speaker 5: much bigger quantities because they're going to move. I think

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Speaker 5: that's maybe some of her demographic is so young that

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Speaker 5: it's as like cool and retro as a record, a

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Speaker 5: vinyl record to some people. I don't know how they

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Speaker 5: play it.

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Speaker 4: But when we come back Taylor Swift's fight to take

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Speaker 4: back control of her music. The other really big thing

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Speaker 4: that Taylor Swift did that you write about was to

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Speaker 4: take back control of her own music catalog.

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Speaker 5: Yeah. So how it works in music is often when

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Speaker 5: an artist signs with a record label, it's kind of

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Speaker 5: an artist for higher deal. Typically, as they say yes,

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Speaker 5: this record label is going to produce an album for

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Speaker 5: the artist. In return, they give the artist a big

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Speaker 5: chunk of money and the record label gets to keep

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Speaker 5: what they call usually the masters writes to the music,

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Speaker 5: which is the copyright to the actual music recording, the

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Speaker 5: actual music that they make, the songs that go on

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Speaker 5: an album the record label keeps. So that means if

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Speaker 5: the songs are played in the future in a public setting,

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Speaker 5: or if they're used in a commercial, or if they're

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Speaker 5: streamed on Spotify, they get a good, healthy royalty stream

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Speaker 5: down the road. So that was the deal Taylor Swift

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Speaker 5: had for her first six albums. It was for a

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Speaker 5: record label called Big Machine, which is based in Nashville,

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Speaker 5: and they really kind of took a chance on her.

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Speaker 5: I mean, she was fourteen years old when she signed

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Speaker 5: with them, and she was with them for six years,

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Speaker 5: and then she laughed. She basically went independent and the

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Speaker 5: record label was sold. The record label's biggest asset by

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Speaker 5: far was the masters to Taylor Swift's albums, and then

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Speaker 5: ultimately a few years later, Taylor Swift's masters itself was

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Speaker 5: sold again. And there was some drama to these sales

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Speaker 5: because it involved a former manager of hers she had

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Speaker 5: a tricky relationship with. But it meant that Taylor Swift

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Speaker 5: didn't have control of her masters. She basically didn't own

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Speaker 5: that music essentially anymore. She did have some rights to

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Speaker 5: it because she wrote the songs, but she didn't have

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Speaker 5: like the big meaty, really valuable rights that are known

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Speaker 5: as the masters. And she really was very public about

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Speaker 5: how upset she was that she lost control of these rights,

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Speaker 5: that it was her music and it was really hard

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Speaker 5: to see it sold twice, and that she said she

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Speaker 5: did not have an opportunity to buy those rights even

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Speaker 5: though she wanted to. That was really what she wanted

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Speaker 5: more than anything else. So she said what she was

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Speaker 5: going to do was re record all of those albums

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Speaker 5: and re record them so that she would own the rights. Now, now,

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Speaker 5: could you re record?

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Speaker 2: Oh yeah, might you do that?

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Speaker 4: Oh yeah, that's a plan.

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Speaker 5: Yeah, absolutely, And that was a really bold thing to do.

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Speaker 5: First of all, it's very hard to like re record

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Speaker 5: a song and make it sound exactly like the original,

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Speaker 5: especially when you consider like she's thirty three now, she

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Speaker 5: was a teenager when she did some of these songs. Also,

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Speaker 5: I mean, it's risky. It basically means that, yes, she's

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Speaker 5: going to have the masters, but there's another version of

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Speaker 5: these songs out there, So how valuable are her master's

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Speaker 5: going to be? And that's kind of like where the

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Speaker 5: power of Taylor's fan base comes in. So she's four

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Speaker 5: albums in of the sixth total she's going to do,

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Speaker 5: and she's calling these new versions parentheses Taylor's version, And

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Speaker 5: it's not hard to imagine and that the fans, her

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Speaker 5: millions and millions of passionate fans, they want to listen

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Speaker 5: to Taylor's version because Taylor's done a really good job

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Speaker 5: of vilifying how it all went down with her first

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Speaker 5: six albums.

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Speaker 1: Taylor Swift keeps on making music history. Her latest album,

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Speaker 1: Speak Now. Taylor's Version debut at number one on Billboard's

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Speaker 1: Album charts this week. No big surprise here, right. That

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Speaker 1: gives her four albums in the top ten at the

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Speaker 1: same time.

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Speaker 2: It's like Beatles ask.

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Speaker 1: It's pretty amazing.

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Speaker 4: Yeah, and Claire, a lot of these millions and millions

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Speaker 4: of passionate fans were buying Taylor's version also owned the

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Speaker 4: original version, so she's getting double the sales on some

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Speaker 4: of these albums.

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Speaker 2: Yeah, I mean, it's pretty incredible, you know. And she's

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Speaker 2: not just re recording the initial albums like an identical version.

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Speaker 2: She's also adding some of these songs that were cut,

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Speaker 2: So in some cases she's adding ten or more additional

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Speaker 2: songs that people haven't heard before to each album. So

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Speaker 2: it's almost like you're getting a better version of these

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Speaker 2: albums that you loved from you know, ten years ago,

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Speaker 2: and you're also getting new music from that era that

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Speaker 2: you hadn't heard before. In addition to that, obviously she's

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Speaker 2: used you know, records and other merch and there are

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Speaker 2: all these accessories you can get with the release of

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Speaker 2: a new re recording and the fan base of course

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Speaker 2: just will buy anything that she puts out.

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Speaker 4: And Devin, when you had all that up, do we

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Speaker 4: know what her new Taylor's Version albums are Ashley worth?

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Speaker 5: So it's conjecture for sure, Like everything, you know, that's

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Speaker 5: a private asset. But we have some interesting comparable transactions

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Speaker 5: to look at because it's been more common in the

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Speaker 5: past few years for musicians to sell their catalogs. Their

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Speaker 5: catalogs basically rights to their music that they own, so

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Speaker 5: they're going to have a piece to their music rights

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Speaker 5: and they've been selling it. So we've seen Bruce Springsteen

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Speaker 5: sold his catalog for five hundred and fifty million dollars

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Speaker 5: a couple of years ago. Just a couple of weeks ago,

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Speaker 5: Katie Perry sold hers for a reported two hundred and

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Speaker 5: twenty five million dollars. So what would Taylor Swifts be worth?

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Speaker 5: So we'd have to kind of look at her full

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Speaker 5: body of work and know that for the Taylor's Version,

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Speaker 5: there's kind of a duplicate set out there floating around,

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Speaker 5: which is going to dilute slightly. But I think that

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Speaker 5: Dilutioni's going to become, you know, almost not a thing

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Speaker 5: in the future because Taylor's version is going to dominate,

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Speaker 5: and she also has the albums that she recorded after

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Speaker 5: she left Big Machine, including Midnights and some others. So altogether,

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Speaker 5: I mean we got to range. Some people said it

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Speaker 5: could be worth up to a billion dollars her catalog,

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Speaker 5: like at the most sort of bullish. Other people said

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Speaker 5: or like, you know, four hundred five hundred million. So

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Speaker 5: I think four hundred five hundred million is what we

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Speaker 5: went for with for our official net worth analysis, with

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Speaker 5: sort of the caveat that it could be worth much more.

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Speaker 5: And one of the reasons that it could be worth

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Speaker 5: much more is that Taylor Swift a has just this

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Speaker 5: huge passionate fan base who are going to follow her

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Speaker 5: through her career. And b Taylor Swift is thirty three,

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Speaker 5: she has so much to mean. She's calling this tour

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Speaker 5: her eras tour, but I mean, there's so many more

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Speaker 5: eras to come.

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Speaker 2: It's funny whenever you know there's a report of a

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Speaker 2: Taylor Swift breakup or a new relationship, all the fans

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Speaker 2: just are thinking, oh, yeah, we've got lots of albums

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Speaker 2: to come from this. She'll take inspiration from this breakup

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Speaker 2: and you know, with her new relationship with NFL star

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Speaker 2: Travis Kelcey, all the fans are thinking, oh, yeah, we're

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Speaker 2: going to get new music from this era as well, Yeah,

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Speaker 2: some material.

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Speaker 4: You're right that just the attention of that new relationship

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Speaker 4: has also had huge sales effects.

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Speaker 2: Yeah, so we saw just you know, this rumored relationship

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Speaker 2: between the two really drive interest in NFL games. There

355
00:18:46,240 --> 00:18:49,919
Speaker 2: was a twenty two percent increase in total audience that

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Speaker 2: the NFL saw just because people wanted to watch and

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Speaker 2: for a glimpse of Taylor. So it just really showed

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Speaker 2: her ability to drive consumer behavior and how people really

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Speaker 2: will flock to whatever she is doing, even if it's football.

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Speaker 2: You know, you saw more women have at least a

361
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Speaker 2: surface level interest in what was going on with these games.

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Speaker 2: Sales of his jersey increased four hundred percent because people

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00:19:15,600 --> 00:19:19,639
Speaker 2: were suddenly you know, interested in that aspect because of

364
00:19:19,680 --> 00:19:23,040
Speaker 2: his relationship with Taylor. So it was pretty remarkable, and

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Speaker 2: I will say the NFL really did capitalize on that too.

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Speaker 2: I Mean, they were showing her constantly in some of

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Speaker 2: these games, and you know, I think they realize as

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Speaker 2: well that you know, this is a way for them

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Speaker 2: to boost their audience too, so it sort of was

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Speaker 2: a mutually beneficial partnership between the two of them.

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Speaker 4: After the break the inner workings of Taylor Swift, Inc. Devin,

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Speaker 4: how do you go about trying to evaluate Taylor Swift's Well,

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Speaker 4: there's some stuff that's public, but a lot of the

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Speaker 4: stuff isn't public.

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Speaker 5: So we came up with an estimate of one point

376
00:20:03,520 --> 00:20:06,000
Speaker 5: one billion dollars. But I cannot stress enough that that

377
00:20:06,119 --> 00:20:08,720
Speaker 5: is a conservative estimate because we try not to make

378
00:20:08,760 --> 00:20:12,280
Speaker 5: too many assumptions when we're doing these networth estimates, and

379
00:20:12,359 --> 00:20:14,560
Speaker 5: so you have to start with Taylor Swift is you

380
00:20:14,600 --> 00:20:17,159
Speaker 5: have to think about earnings because of course she's raking

381
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Speaker 5: in money from streaming and from concert ticket sales and

382
00:20:20,520 --> 00:20:23,639
Speaker 5: from music sales. So some of that information's public. I mean,

383
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Speaker 5: we know average ticket price, we know how many tickets

384
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Speaker 5: she's sold, how many tours she's done, because this is

385
00:20:28,960 --> 00:20:32,199
Speaker 5: her sixth tour. I believe you basically just have to

386
00:20:32,200 --> 00:20:34,879
Speaker 5: add up all that money. We also have to factor

387
00:20:34,880 --> 00:20:36,960
Speaker 5: in she's paying taxes. We have to factor in she

388
00:20:37,040 --> 00:20:40,919
Speaker 5: pays her team, her agents or attorneys. And then of

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00:20:40,960 --> 00:20:43,240
Speaker 5: course there are some pieces we approach more like a

390
00:20:43,240 --> 00:20:46,920
Speaker 5: private asset. Her real estate is quite significant. She's built

391
00:20:46,960 --> 00:20:49,600
Speaker 5: up that and we can definitely put a value on that,

392
00:20:49,640 --> 00:20:52,840
Speaker 5: and also the music catalog, which is an increasingly really

393
00:20:52,880 --> 00:20:56,800
Speaker 5: important discrete asset for musicians. So there was the exercise

394
00:20:56,840 --> 00:20:59,080
Speaker 5: of trying to figure out how much would someone pay

395
00:20:59,080 --> 00:21:01,760
Speaker 5: for that if she were to sell. It is a small,

396
00:21:01,880 --> 00:21:07,480
Speaker 5: i think, tightly managed, little organization, but it's i'd say,

397
00:21:07,720 --> 00:21:10,840
Speaker 5: very serious about what it does. So one interesting thing

398
00:21:11,040 --> 00:21:14,000
Speaker 5: is that she has it looks like a number of LLC's.

399
00:21:14,119 --> 00:21:16,400
Speaker 5: It seems to be ten, and we think it's ten

400
00:21:16,480 --> 00:21:21,640
Speaker 5: because her father, Scott Swift, is a longtime registered investment

401
00:21:21,680 --> 00:21:25,000
Speaker 5: advisor with Merrill Lynch and he started in Wyomissing, Pennsylvania,

402
00:21:25,000 --> 00:21:27,760
Speaker 5: which is where Taylor Swift was from the family moved

403
00:21:27,760 --> 00:21:30,919
Speaker 5: to Nashville, and we've seen in these filings from the

404
00:21:30,960 --> 00:21:35,120
Speaker 5: Securities Exchange Commission, which if you're a registered investment advisor

405
00:21:35,160 --> 00:21:38,320
Speaker 5: you have to file with them that her dad also

406
00:21:38,400 --> 00:21:43,399
Speaker 5: helps oversee ten LLC's which are affiliated with different parts

407
00:21:43,400 --> 00:21:47,159
Speaker 5: of her business or holdings. Some of these LLC's oversea

408
00:21:47,200 --> 00:21:50,080
Speaker 5: properties she owns. She has some really lovely properties in

409
00:21:50,119 --> 00:21:53,520
Speaker 5: Beverly Hills and in Rhode Island. All together, they're worth

410
00:21:53,520 --> 00:21:56,560
Speaker 5: one hundred and ten million dollars. One of them manages

411
00:21:56,600 --> 00:21:59,520
Speaker 5: to private jets, one of them owns an airplane hangar.

412
00:22:00,160 --> 00:22:02,040
Speaker 5: One of them, which I think is a very important,

413
00:22:02,080 --> 00:22:06,680
Speaker 5: owns merchandising business, and obviously merchandising such an important part

414
00:22:06,680 --> 00:22:08,879
Speaker 5: of her business that brings in a huge amount of

415
00:22:08,960 --> 00:22:11,480
Speaker 5: revenue at these concerts and then also just through her

416
00:22:11,560 --> 00:22:17,000
Speaker 5: own website. He also helps oversee a copyright related business.

417
00:22:17,000 --> 00:22:19,080
Speaker 5: We don't have a lot of visibility into that, but

418
00:22:19,359 --> 00:22:23,000
Speaker 5: she has all of these really catchy, famous lyrics. They

419
00:22:23,040 --> 00:22:25,960
Speaker 5: are known to kind of police the use of these

420
00:22:26,240 --> 00:22:29,880
Speaker 5: lyrics and songs quite rigorously, and.

421
00:22:29,840 --> 00:22:32,320
Speaker 2: I think it really just speaks to how she's kept

422
00:22:32,320 --> 00:22:35,520
Speaker 2: it very in house. I mean, she's had her dad

423
00:22:35,920 --> 00:22:40,200
Speaker 2: really helped drive this. It also speaks to she's obviously

424
00:22:40,240 --> 00:22:43,920
Speaker 2: worked very hard for her career and has been tremendously successful.

425
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Speaker 2: But you know, she didn't start from absolutely nowhere. She

426
00:22:47,320 --> 00:22:49,439
Speaker 2: did have a little guidance on the way, and I

427
00:22:49,480 --> 00:22:51,679
Speaker 2: think that really set the foundation for her to be

428
00:22:52,280 --> 00:22:54,960
Speaker 2: so lucrative later on. You know, we've seen a lot

429
00:22:55,000 --> 00:22:58,720
Speaker 2: of musicians have MISSEDEPS, but because it's so tightly controlled,

430
00:22:58,760 --> 00:23:00,600
Speaker 2: and I think she had her dad to advise her

431
00:23:00,600 --> 00:23:02,040
Speaker 2: on a lot of these things that sort of helped

432
00:23:02,080 --> 00:23:05,200
Speaker 2: build the basis for this, you know, hugely profitable career

433
00:23:05,280 --> 00:23:05,719
Speaker 2: later on.

434
00:23:06,680 --> 00:23:09,639
Speaker 4: And another thing you write about is that she's not

435
00:23:09,720 --> 00:23:14,119
Speaker 4: just selling things to her fans, selling music, It's that

436
00:23:14,280 --> 00:23:18,760
Speaker 4: she has developed this way of speaking to them directly

437
00:23:18,880 --> 00:23:22,440
Speaker 4: through social media and other platforms in a way that

438
00:23:22,960 --> 00:23:26,560
Speaker 4: previous big artists were not able to do.

439
00:23:27,400 --> 00:23:29,840
Speaker 5: Yeah, so Taylor Swift is a digital native. I mean

440
00:23:29,880 --> 00:23:32,919
Speaker 5: she grew up in a time where communicating on the

441
00:23:32,960 --> 00:23:35,800
Speaker 5: internet through social media was completely normal and it's what

442
00:23:35,880 --> 00:23:39,080
Speaker 5: you did. Being you know, a little bit confessional was

443
00:23:39,240 --> 00:23:42,159
Speaker 5: a very normal and appropriate way to engage with people.

444
00:23:42,560 --> 00:23:45,560
Speaker 5: And she has done a great job kind of finding

445
00:23:45,600 --> 00:23:48,399
Speaker 5: a voice that has really spoken to her fans, that

446
00:23:48,440 --> 00:23:52,080
Speaker 5: treads this line between being private enough but also open

447
00:23:52,160 --> 00:23:54,479
Speaker 5: and seeming like a friend. And I think that's really

448
00:23:54,600 --> 00:23:58,040
Speaker 5: like ingrained her into the hearts of so many people.

449
00:23:58,240 --> 00:24:00,760
Speaker 5: You know, it was just this is incredible, successful and

450
00:24:00,800 --> 00:24:03,200
Speaker 5: talented artists, but who also feels like someone I could

451
00:24:03,200 --> 00:24:05,520
Speaker 5: know and someone whose relationships I know, and I hear

452
00:24:05,520 --> 00:24:07,959
Speaker 5: about her heartache and I know about her backstory and

453
00:24:08,400 --> 00:24:11,399
Speaker 5: that has been really powerful and unique, Like you can't

454
00:24:11,440 --> 00:24:15,840
Speaker 5: really imagine Michael Jackson having that relationship with his fans

455
00:24:15,840 --> 00:24:18,959
Speaker 5: are definitely not Madonna, you know, really different kind of

456
00:24:19,280 --> 00:24:21,160
Speaker 5: megastar fan relationship.

457
00:24:21,840 --> 00:24:24,080
Speaker 2: I mean, I think she's tremendously relatable in a lot

458
00:24:24,119 --> 00:24:28,000
Speaker 2: of ways. I mean, we've seen her catalog her relationships

459
00:24:28,000 --> 00:24:31,919
Speaker 2: and breakups and all of these songs since she was sixteen,

460
00:24:32,240 --> 00:24:34,880
Speaker 2: and people feel like they've grown up with her through

461
00:24:35,119 --> 00:24:37,919
Speaker 2: these various life events that she's gone through and then

462
00:24:37,920 --> 00:24:41,760
Speaker 2: written about in her songs so transparently. So people really

463
00:24:41,840 --> 00:24:44,000
Speaker 2: do feel like they know her, which of course can

464
00:24:44,040 --> 00:24:45,760
Speaker 2: bet a ble edged sword, you know, people think they

465
00:24:45,800 --> 00:24:48,120
Speaker 2: know a lot about her life, and who knows what's

466
00:24:48,119 --> 00:24:51,119
Speaker 2: actually true and what's not. But regardless, people really do

467
00:24:51,200 --> 00:24:54,080
Speaker 2: feel like they have this inside look into her life

468
00:24:54,119 --> 00:24:56,200
Speaker 2: and what she's going through, and that just makes her

469
00:24:56,280 --> 00:24:58,159
Speaker 2: so much more relatable to them.

470
00:24:58,520 --> 00:25:00,880
Speaker 5: And it's also sort of like a treasure hunt aspect

471
00:25:00,920 --> 00:25:02,840
Speaker 5: to it too, Like she has like clues what does

472
00:25:02,880 --> 00:25:03,520
Speaker 5: she call them.

473
00:25:03,480 --> 00:25:06,280
Speaker 2: Easter eggs? Easter eggs, Ye, yes, she has Easter eggs

474
00:25:06,280 --> 00:25:08,920
Speaker 2: of when she's releasing albums and things like that, she'll

475
00:25:08,920 --> 00:25:11,080
Speaker 2: put a little Easter egg in, like maybe a photo

476
00:25:11,119 --> 00:25:14,280
Speaker 2: she posts on Instagram, And you know, people have theories

477
00:25:14,320 --> 00:25:17,760
Speaker 2: that are probably ludicrous and just how elaborate they are,

478
00:25:17,800 --> 00:25:21,200
Speaker 2: but she definitely does purposely put some hints in her

479
00:25:21,280 --> 00:25:24,880
Speaker 2: social media timeline of things to come that she's going

480
00:25:24,920 --> 00:25:27,680
Speaker 2: to release or do well.

481
00:25:27,720 --> 00:25:30,879
Speaker 4: Speaking of things to come, what is next for Taylor Swift?

482
00:25:30,880 --> 00:25:32,440
Speaker 4: Where does she go from here?

483
00:25:33,080 --> 00:25:34,520
Speaker 5: Writing the story, I kind of felt like we were

484
00:25:34,560 --> 00:25:37,240
Speaker 5: writing about someone sort of at the peak, like how

485
00:25:37,240 --> 00:25:40,160
Speaker 5: could it get crazier? But then she goes and releases

486
00:25:40,200 --> 00:25:43,560
Speaker 5: this movie, The Era's Concert Tour Movie, which in its

487
00:25:43,680 --> 00:25:47,600
Speaker 5: opening weekend did ninety two point eight million dollars in sales,

488
00:25:47,640 --> 00:25:51,320
Speaker 5: by far, the biggest concert movie ever, And so she

489
00:25:51,720 --> 00:25:54,320
Speaker 5: was kind of allowing, after all this buzz, all of

490
00:25:54,400 --> 00:25:56,880
Speaker 5: us poor people who didn't get to see it now

491
00:25:56,920 --> 00:25:59,200
Speaker 5: have a chance to go watch it. We could watch

492
00:25:59,200 --> 00:26:01,320
Speaker 5: it again and again, and even people who did go

493
00:26:01,359 --> 00:26:04,080
Speaker 5: to the concert are buying tickets because this movie is

494
00:26:04,119 --> 00:26:06,920
Speaker 5: a front row seat, so it's a totally different vantage point.

495
00:26:07,440 --> 00:26:10,600
Speaker 5: And I think she's just caught a really long career

496
00:26:10,600 --> 00:26:13,639
Speaker 5: ahead of her, and we've already seen this really interesting

497
00:26:14,160 --> 00:26:19,399
Speaker 5: transformation from country to pop country to really pop star,

498
00:26:20,000 --> 00:26:22,320
Speaker 5: so you know, she could take it in all sorts

499
00:26:22,320 --> 00:26:25,040
Speaker 5: of really different directions going forward.

500
00:26:25,600 --> 00:26:29,159
Speaker 4: And Claire, the Eiris tour itself now is going on

501
00:26:29,200 --> 00:26:30,119
Speaker 4: the road again.

502
00:26:30,880 --> 00:26:33,440
Speaker 2: Yeah, she has a whole international leg of the tour

503
00:26:33,520 --> 00:26:37,119
Speaker 2: coming up and you know, likely going to do tremendous

504
00:26:37,160 --> 00:26:40,960
Speaker 2: ticket sales and merg sales there. So she has a

505
00:26:40,960 --> 00:26:43,399
Speaker 2: lot to go in terms of profits coming up just

506
00:26:43,440 --> 00:26:45,520
Speaker 2: from this upcoming leg of her tour.

507
00:26:46,160 --> 00:26:48,399
Speaker 4: And I know at least one person who's going to

508
00:26:48,440 --> 00:26:50,520
Speaker 4: be seeing her in tour overseas.

509
00:26:51,119 --> 00:26:54,280
Speaker 2: Yes, I'm actually going to France to see her. My

510
00:26:54,359 --> 00:26:56,280
Speaker 2: friend was able to get us tickets at a more

511
00:26:56,280 --> 00:26:58,840
Speaker 2: reasonable price than we could in the US, so it's

512
00:26:58,960 --> 00:27:02,040
Speaker 2: going to be really fun. And also I think to shows.

513
00:27:02,080 --> 00:27:04,119
Speaker 2: You know, I'm not the only person doing this. People

514
00:27:04,240 --> 00:27:08,960
Speaker 2: are traveling distances to see her shows internationally, so she

515
00:27:09,000 --> 00:27:12,120
Speaker 2: does have a lot to come just with this tour.

516
00:27:12,560 --> 00:27:17,199
Speaker 4: Take me with you, Devin Claire, thanks so much for

517
00:27:17,240 --> 00:27:20,919
Speaker 4: coming on the show. Thank you, thank you, thanks for

518
00:27:21,000 --> 00:27:22,840
Speaker 4: listening to us here at the Big Take. It's a

519
00:27:22,920 --> 00:27:27,200
Speaker 4: daily podcast from Bloomberg and iHeartRadio. For more shows from iHeartRadio,

520
00:27:27,359 --> 00:27:31,080
Speaker 4: visit the iHeartRadio app, Apple Podcasts, or wherever you listen,

521
00:27:31,400 --> 00:27:33,920
Speaker 4: and we'd love to hear from you. Email us questions

522
00:27:34,000 --> 00:27:37,479
Speaker 4: or comments to Big Take at Bloomberg dot Net. The

523
00:27:37,520 --> 00:27:40,800
Speaker 4: supervising producer of The Big Take is Vicky Virgolino. Our

524
00:27:40,840 --> 00:27:44,560
Speaker 4: senior producer is Catherine Fink. Our producers are Michael Falero

525
00:27:44,720 --> 00:27:48,600
Speaker 4: and Moberra. Hil de Garcia is our engineer. Our original

526
00:27:48,680 --> 00:27:52,200
Speaker 4: music was composed by Leo Sidrin. I'm Wes Kasova. We'll

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00:27:52,200 --> 00:27:55,520
Speaker 4: be back on Monday with another Big Take. Every great weekend,

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00:28:00,080 --> 00:28:01,600
Speaker 4: the people better