Taylor Swift: A turbo-capitalist or pop supernova?

Beyond music

Swift's business acumen

In October 2023, on the eve of the release of 1989 (Taylor's Version), amid a record-breaking tour and box office bonanza - the singer-songwriter officially joined the billionaire club. Forbes identified the popstar's worth as more than $1.1 billion. Much of this comes from the unforgettable summer, with an estimated $190 million earned after taxes from the first leg of the Eras tour and another $35 million from the first two weeks of Taylor Swift: The Eras Tour movie screenings. Altogether, more than $500 million of Swift’s fortune is cash earned from music royalties and touring, while another $500 million is based on the rising value of her music catalogue.  

There’s more to the pop wonder than just her ability to churn out catchy tunes. In the highly competitive and constantly evolving music industry, Swift's dominance is not merely a product of her musical talent but also her astute business acumen. From navigating contract disputes, mastering social media, and diversifying her revenue streams, her business decisions reflect a keen understanding of market dynamics and brand management. 

Success in the music industry isn’t merely about music; it’s about business, and “Taylor’s business skills are prodigious,” University of Oregon SOMD expert Koenigsberg said.  

Whether you are a fan of the Shake It Off singer or not, there's no denying her business savvy side and tenacity have made her one of the most successful musicians ever. Swift meticulously crafts her public persona through a combination of authenticity and calculated publicity. She has cultivated a loyal following by sharing personal stories through her music and maintaining a close connection with her fanbase. Simultaneously, she uses social media to control her narrative, making strategic reveals and announcements that engage her audience. 

Sreelakshmi Makaraju, a Swiftie, said: "If not for her skills and business acumen, I don’t think many of the things helping her succeed would happen."  

One of Swift’s significant business decisions was to re-record her catalogue after her former label, Big Machine Records, was sold, along with the masters of her first six albums in 2019, to the company Ithaca Holdings, owned by Scooter Braun, which was eventually sold to Shamrock Capital for $300 million in 2020. Big Machine owned the masters of her first six albums, as is typical with many recording deals - which generates profits whenever the songs are streamed or purchased. Swift was vocal about her dismay, expressing how she didn't have the opportunity to own her work. She signed with Big Machine Records in 2005 as a newcomer. When the contract expired in 2018, she switched labels to Universal’s Republic Records. In her new contract, the singer made sure to secure ownership of her future masters. 

Swift is not the first to do so, in fact, the Everly Brothers are considered as pioneers of this when they switched record labels in the 1960s. Frank Sinatra did it when he left Capitol Records and founded Reprise Records; he re-cut new versions of previous hits on the new label.  

“Her decision to re-record the records plays into Swift’s image as a strong, independent woman determined not to let herself be a victim to the men who control the recording industry,” SOMD Senior Instructor and music industry author Larry Wayte noted. 

Swift’s decision ignited a multitude of responses, leading the public to examine the behind-the-scenes corporate actions of the music industry. Artists have regularly expressed annoyance against their record label contracts; Andy Zax, a music producer specializing in historical and archival releases, said in an interview with NPR: “Artists have generally been disadvantaged by, certainly, historically by the contracts that they've signed. At various points, people have made moves to try to reclaim some territory." 

In an interview with Graham Norton, Swift said: "This is something that I care about, but I don't expect other people to care about it. It's something very personal to me."  

And the Swifties have shown immense support evident from the success of the new releases. Dusha Castro said: "Taylor paved the way for others to walk on. The vault tracks on Red were especially amazing, and the love for her older albums has reached new levels because of her re-records."  

The All Too Well (10-minute version) (Taylor’s Version) has become an instant classic, making its way onto the Eras Tour setlist. Another example of her listening to her fans.

"As someone who writes poems and small songs myself, I would be heartbroken if someone else had the right to those pieces. Artists not owning their music is too prevalent, so her re-recording is not just her reclaiming her songs but also an inspiration to all artists," a Swiftie shared. 

Despite being a decisive move, some critics argue this is just another way to make millions of dollars. Swift's decision to re-record her work enables her to present it as intended artistically and creates a profitable independent revenue stream.

A Reddit user said: "I anticipate the general conversation surrounding her will change. Between her billionaire status (there is no ethical billionaire), her outrageous carbon emissions and her no fucks given attitude around it, never standing up for what’s right unless it truly benefits her (true white feminism) etc. The list goes on. She’s a turbo capitalist through and through. There’s no denying it. She’s not even hiding it." Another user said: "If you look up turbo capitalist in the dictionary, it’s a pic of her on one of her private planes lying on a big pile of cash." 

In a recent podcast episode on The Guardian, titled Pop Culture with Chanté Joseph, Elle Hunt, a Swift fan, discusses why Taylor Swift is not just a pop sensation but also a business icon. In answering how Swift will navigate between being a billionaire and staying relatable, Elle said: "The relatability side has fallen way off as she's gotten more famous, and she hasn't tried to lean on that too much." 

In 2014, Swift, in a strategic economic move removed her music from all music streaming services for about three years due to a dispute over payment levels. This decision had two significant effects. Firstly, it prompted people to purchase her music downloads, which provided her with a higher payment rate. Additionally, it pressured streaming services to offer more favourable terms to content creators. This serves as an example of how the Fearless singer maximised her earning power. She returned to the streaming platforms after the massive success of 1989, selling more than 10 million copies.  

Another ‘Swift’ move that solidified her role as a capitalist is the mechanism she constructed to ensure that tickets for her tour go first to fans, not scalpers. She partnered with Ticketmaster before her Reputation tour and had fans sign up on her website to buy her merchandise for a higher ticket priority. The more merchandise purchased; the better chance fans had of securing concert tickets. In addition to the album, the singer also published two Reputation-themed zines, each featuring 16 pages of poetry, paintings, handwritten lyrics, and behind-the-scenes photography, available exclusively on Target. These corporate tie-ins gave the pop star a definite upper hand in her business.  

These are only some of the moves that made "Swift- the billionaire", but there are many more. Think about the innumerable number of vinyl variants she comes out with the release of each of her albums. She released nine variants of vinyl of the Folklore album in 2020. According to The New York Times: "Last year she sold 3.5 million LPs in the United States, thanks in part to five pastel-hued variants of 1989 (Taylor’s Version)."  

For her album Midnights, products included CDs and vinyl LPs with varying disc colours and cover art, editions with bonus tracks, autographed photos and edited lyrics, and a CD initially sold only at her live shows. Even the latest album was available in different versions - on vinyl, CD and even cassette - with bonus tracks and, on specific “deluxe” editions, it included trinkets like magnets, photo cards and engraved bookmarks. 

A Swiftie attending the Eras Tour at Wembley said: "There are some things that are maybe a bit too much. Like the release of the CDs every second day." She added: "I don't have any more money to buy your things, Taylor."  

A Reddit user commented on a discussion thread: "My problem is something like Midnights - multiple different physical copies with various song combinations. That’s gross and highly predatory." Another user pointed out the environmental angle of producing multiple LPs: "I'm not sure if anyone is considering this as well, but vinyl is non-recyclable. It's not just that she’s pressing all these variants; there are so many that thousands of LPs will be pressed & never played or sold. She’s pressing all these at an unprecedented rate but is not considering how bad it is for the environment to sell 8+ variants that she didn’t have to release." 

And while we’re on the subject of environmental concerns, Swift’s use of private jets and the high carbon emissions, got much media attention when she flew across the world, travelling from Tokyo, where she was performing the Eras Tour, to Las Vegas to see her boyfriend Travis Kelce play in the Superbowl. She also made headlines for suing a Florida college student, Jack Sweeney, who was famous for tracking Elon Musk’s jet locations. According to the Washington Post, Swift's attorneys threatened legal action with a cease-and-desist letter in December: "Swift would 'have no choice but to pursue any and all legal remedies’ if he did not stop his 'stalking and harassing behaviour'." Sweeney told the Post that he figured it was "an attempt to scare him away from sharing public data".  

When you’re at the top of your game, the only way you can go is down. Historically, this does not bode well for women. Once a well-known woman is labelled as "overexposed," "thirsty," or "too much," the public's interest often wanes quickly - because people love nothing more than building a woman up just to tear her down. Just ask Anne Hathaway or Jennifer Lawrence, or even Margot Robbie.  

"You either die the hero or live long enough to admit that you have Taylor Swift fatigue," one X user tweeted.  

Even if you're not well-versed in Swiftie-lore, you would know that Swift was equally ubiquitous during the 1989 era in 2016. The Grammy winner was everywhere, from countless pap walks with her girl squad to breaking the internet with 'Hiddleswift' while dating Tom Hiddleston. Then happened the Kimye-snake saga, leading to her disappearing from the public eye. Some Swifties are fearing a similar end.  

However, Swift is not the only one who risks being overexposed. Other successful artists may face similar situations, albeit not at Swift's scale. Less than two years after Olivia Rodrigo's rise to fame and the record-breaking debut of her first album, a similar noise was made. The media criticised Rodrigo for sounding and appearing “the same,” still singing about heartbreak and making purple album covers. Last summer, we got abundant content on Margot Robbie after 'Barbie', and the actor took a pre-emptive stance of stepping away from the screens for a while because she thought "everyone’s probably sick of the sight of me". 

Unquestionably, Taylor Swift's omnipresence in the digital age is a multifaceted phenomenon that evokes a spectrum of reactions. But this isn't just a testament to her immense influence; it mirrors our media-consuming patterns. For some, her relentless engagement and expansive Eras Tour have cemented her cultural dominance and invigorated her fanbase. Others, however, feel a sense of fatigue and oversaturation, questioning the sustainability and impact of such pervasive visibility. In other words, when it comes to these overexposed claims and criticism from non-fans who wish Swift would take a sabbatical - Swifties worldwide will probably just “Shake It Off.” 

In the acceptance speech for the BRITs Global Icon Award 2021, Swift said: “There is no career path that comes free of negativity - if you’re met with resistance that probably means you’re doing something new... We live in a world where anyone has the right to say anything that they want about you at any time, but please remember you have the right to prove them wrong.” 

Whether her omnipresence ultimately strengthens or diminishes her legacy remains to be seen, but one thing is sure: Taylor Swift's impact on the modern cultural zeitgeist is undeniable.