Unless you're blissfully off of all social media and receive little to no radio signals at your place of residence, you're probably aware that there's a pop star in the world named Taylor Swift.
And, if you're like most Americans, you probably also have an opinion about her.
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Taylor Swift, who's in the midst of her global concert tour and promoting her film "Taylor Swift: The Eras Tour," has been cashing in on movie ticket sales, generating $123.5 million in box office sales, which makes her performance the highest-grossing concert film on record.
"Look what you genuinely made me do: Due to unprecedented demand we’re opening up early access showings of The Eras Tour Concert Film on THURSDAY in America and Canada!! As in… TOMORROW. We’re also adding additional showtimes Friday and throughout the weekend. All tickets will be available by 10am tomorrow morning. And it’ll be showing starting Friday in 90 countries all over the world," Swift wrote on Instagram before her concert film premiered.
"I can’t thank you enough for wanting to see this film that so vividly captures my favorite adventure I’ve ever been a part of: The Eras Tour. And the best part is, it’s an adventure we’re still on together," she continued.
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She's also cashing in on concert ticket sales; almost all of her concert dates are completely sold out and tickets go for well over $1,000.
It's estimated that Swift's Eras tour has been her most successful yet, raking in over $780 million and netting Swift approximately $305 million. And the tour isn't even over yet. It will continue into 2024 with dozens of international destinations including Tokyo, Stockholm, and Rio de Janeiro.
But not everybody is happy with the Swift-mania that's swept the entire globe.
Best Buy CEO slams Swift-centric spending
CEO of Best Buy (BBY) -) Corie Barry told a conference recently that she thinks the world has gone too far with its frenzied spending –and Best Buy is suffering directly at the hands of it.
“’Funflation,’ Taylor Swift… those experiences are really where people are willing to pay,” Barry told Fortune’s Most Powerful Women summit. “[B]igger ticket items in electronics are not right now where people are interested.”
Barry has a point, concert sales have been through the roof as more Americans show an interest in spending their money on experiences – like travel and events – than on goods and electronics.
"We've never seen a summer like this in our history and we can, without a doubt, contribute this to Taylor Swift and Beyoncé. We are seeing the top female artists commanding higher ticket prices – the average ticket price for top female artists right now is $660, compared to $245 for top male artists," Stubhub spokesman Adam Budelli said.
By comparison, Best Buy's Q2 spending fell 7.22% compared to the year prior to $9.58 billion. Its net income was down 10.46%.
"We continue to expect that this year will be the low point in tech demand after two years of sales declines. Next year the consumer electronics industry should see stabilization and possibly growth," Barry told investors in August.
We'll see what Swift has to say about that.
