Insights: Unveiling Taylor Swift's Triumph in the Capitalist Domain
Taylor Swift, the musical prodigy and billionaire, has not only captivated the world with her talent and universal charm but has also become an unrivaled symbol of American capitalism, asserts Jeff Yang
Jeff Yang, a frequent contributor to CNN Opinion, who also co-hosts the podcast "They Call Us Bruce" and is a co-author of the bestselling book "RISE: A Pop History of Asian America from the Nineties to Now" as well as the author of "THE GOLDEN SCREEN: The Movies That Made Asian America," offers his own opinions in this commentary. For more opinion pieces on CNN, read on.
There is a significant amount of pop culture essay writing dedicated to understanding why Taylor Swift is so successful. Is it because she embodies Americana? Or because she represents "millennial vibes"? Is she a champion of the underdogs or the ultimate girlboss?
Jeff Yang
Her popularity is rooted in her ability to embody different personas and positions, effortlessly transitioning from one to the next. Like a "snake," she sheds her skin when needed, revealing new and vibrant colors underneath. This is what makes her so captivating and constantly evolving.
Constant reinvention is a fundamental aspect of pop icon status, as demonstrated by the likes of Michael Jackson, Madonna, Britney Spears, and Justin Bieber. However, Taylor Swift stands out in her effortless ability to transform herself without appearing dramatic or over-the-top. Unlike other artists, her changes are more subtle yet still captivating, allowing her to remain relatable and likable to her audience. This careful balance has contributed to her enduring relevance throughout her nearly two-decade career and is likely to cement her status as the best-selling female solo artist of all time. According to ChartMasters.org, with over 180 million albums sold, she is second only to Celine Dion and Madonna.
Selling albums as a measure of Swiftian success now seems old-fashioned. Taylor Swift is being recognized as more than just a musician. She is seen as an economic force, a transformative creator, advocate, organizer, and innovator, and possibly the most influential and powerful figure in the music industry.
Taylor Swift, the singer-songwriter, took the stage for a performance during her 1989 World Tour Live In Los Angeles at the Staples Center on August 25, 2015 in Los Angeles, California.
Reacting to Scooter Braun's acquisition of the company controlling her early music masters, Taylor Swift chose to re-record her old albums one by one, giving her direct control over the classic songs. This move was not just an act of revenge, but a revolutionary stance against the recording industry's power over creators. Swift's position as the songwriter of her original music and her equitable contract with Republic Records, a subsidiary of Universal Music Group, allowed her to demand full ownership of her master recordings going forward, as well as a minimum 50% royalty. Furthermore, Swift's agreement with Universal ensures that she and other Universal recording artists will receive a non-recoupable split of profits if the company were to sell any of its shares. This unprecedented move solidifies Swift's position as a champion for creator rights.
Swift's reinvention of her musical past has led to the launch of the "Eras" tour, poised to potentially become the most profitable music tour in history. According to the Washington Post, the tour is projected to contribute a staggering $5.7 billion to the US economy. Additionally, each city hosting her performances is expected to receive a significant economic boost, with her fans collectively spending around $93 million per show.
Taylor Swift performs onstage during night one of Taylor Swift | The Eras Tour at Nissan Stadium on May 05, 2023 in Nashville, Tennessee.
John Shearer/TAS23/Getty Images
During her time in Los Angeles, she performed sold-out shows at SoFi Stadium, generating enough money to support 3,300 jobs. Taylor Swift rewarded her staff generously, giving each tour truck driver $100,000 in the summer, and providing bonuses to her sound techs, backup dancers, catering crew, and other staff, totalling $55 million. She is already a billionaire and stands to personally earn up to $4.1 billion from the "Eras" tour. In addition to this, she financed and produced the concert film "Taylor Swift: The Eras Tour" independently, which has already made over $250 million at the box office. Almost 60% of the revenue will go directly to Swift's production company, and additional profits will come when the film is available for rental and download on streaming platforms on December 13th, which also happens to be Swift's 34th birthday.
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Many have noted that her extraordinary success can be traced back to her privileged background - the daughter of a Merrill Lynch stockbroker, she was raised on an 11-acre Christmas tree farm in Pennsylvania. Her father also played a role in her early success by purchasing a part of her original label, Big Machine Records. Swift would have faced more challenges on her journey to stardom, which began when she moved to Nashville, if she had not been white, a privilege she has openly acknowledged in recent years.
Swift's undeniable talent, resourcefulness, and ambitious drive have propelled her to the top. I am not only a fan of her music but also admire her incredible sense of entrepreneurship. I eagerly take mental notes of her every move, and if no one else pens a bestselling business book outlining the valuable lessons aspiring moguls can learn from Swift's savvy, I will. Stay tuned for "The Tao of Tay: The Swift Path to Success," coming soon to select airport bookstores.
