Who run the world? Experience economy is still catching up post-covid

Who run the world?

‍A similar phenomenon is happening with Beyonce's Renaissance World Tour, which some people predict could end up ahead of Taylor's tour once the dust settles next year. Both are forecast by analysts to gross over $1 billion from their shows — a feat never before seen in popular music — after unprecedented demand from fans.

Much has been written about the rise of the experience economy, but few events embody the trend more than modern global tours. Consumers are willing to shell out for that special “once in a lifetime” experience. Even with ticket prices across the two tours routinely running into the hundreds of dollars, both have seen host venues with tens of thousands of seats sell out in mere minutes.

Both Beyoncé and Swift have employed differentiation strategies — charging super premium prices for higher quality products or experiences, and the remarkable demand for the tours confirms two things:

1. Both artists have a lot of fans.
2. That the experience economy, which outgrew the wider economy for nearly 2 decades, is coming roaring back after the pandemic crushed the industry.

Wildest dreams

‍We often hedge our bets in this newsletter, trying to see things from as many angles as possible. But, with streaming domination, chart domination and one of the biggest tours ever underway, we don't need to see any more data on the topic — Taylor Swift is the biggest popstar on the planet right now.