Taylor Swift‘s concerts in Paris are reportedly drawing more American tourists than the 2024 Summer Olympics, data from luxury travel agency Embark Beyond reveals.
What Happened: According to a Bloomberg report on Thursday, Swift’s four performances at La Défense Arena — which has a maximum seating capacity of 40,000 — are seeing a larger influx of U.S. visitors compared to the Paris Olympics.
The agency indicates that Swift’s concerts are pulling in five times as many Americans as the global sporting event, which is surprising given the magnitude of the Olympics.
The pop superstar is in the French capital for the European leg of her "Eras Tour."
Jack Ezon, co-founder of Embark Beyond, was reportedly taken aback by the shift in travel trends, commenting, “Look at what Taylor did to the Super Bowl. She's even overshadowing the Olympics."
Despite ticket resale restrictions in European cities like Paris, Swift’s concerts are causing a significant surge in U.S. tourists.
Ezon’s company has organized over 200 Paris trips for Swift’s fans, typically involving a three-night stay at luxury hotels.
See Also: Best Media Diversified Stocks Right Now
Contrastingly, the demand for the Olympic Games seems to be lower than expected, with hotel rates falling by over 30% in the past half-year, according to travel insights firm Lighthouse.
Why It Matters: Swift’s ability to draw a crowd is unsurprising, given her monumental success in the music industry. Her “Eras Tour” is the most profitable concert series in U.S. history, contributing billions to the economy.
In fact, her influence is so big that even the Federal Reserve mentioned that her concerts and fans are giving the economy a major boost amid uncertain times.
Swift’s “Eras Tour” has also boosted businesses like Uber, whose CEO confirmed the existence of the "Taylor Swift effect” during her concerts.
Swift’s success has been further amplified by her latest album, “The Tortured Poets Department“, which broke records on Spotify and sold 1.6 million units in the U.S. on its first day.
Last year the music industry witnessed a 10.2% annual growth, with Swift
generating a whopping $1.82 billion by herself — more than many corporations.
Photo via Shutterstock
Engineered by Benzinga Neuro, Edited by Ramakrishnan M
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
