Yesterday, on my Substack Newsletter, I ran my first gimmick promotion for the Brisbane to Gold Coast Ride against Cancer [1]. I invited anyone who donated $100 to nominate a topic on which I should write a post. Reader Daniela Brins-Norris has taken me up on the offer, and asked for a piece about the economic significance of Taylor Swift. Although this is a bit outside my usual set of topics, readers who know me well won’t be surprised to know that I have spent some time thinking about this and have strong (but weakly held) opinions.
I’ve been thinking about two questions. First, how did Swift become the cultural and economic phenomenon she is now? Second, what does her status as a self-made billionaire say about income distribution and public policy? I’ll write about the first today. If anyone would like to donate another $100, I’ll do the second.
For the first question, I’ll offer some amateur cultural analysis along with a bit of economics. As background, although Swift has had a long and successful career (beginning in 2006 at age 16) there was, until recently, nothing to predict the phenomenon we see now. As of 2015, she could have been seen as first among equals in a group of white female pop singer-songwriters that included Adele, Katy Perry, Ariana Grande and Meghan Trainor. That’s not a genre I follow closely (the female singer-songwriter I really admire is the marvellous Judy Small who is about as dissimilar as possible), but the song from that group I liked best was All About That Bass by Trainor, which seemed to prefigure huge success, rather than her subsequent sequence of modest hits.
Swift’s transformation began in 2021 when she re-recorded her back catalogue, outmanoeuvring the record companies who owned the masters of the originals. This turbocharged her career, setting the stage for the 2023 Eras tour, which turned her from a pop megastar (big, but not exceptional) into a cultural and economic phenomenon, whose tours were sought after by prime ministers and presidents. By this point the relevant comparisons weren’t with her contemporaries but with cultural figures like Elvis, Dylan, The Beatles and Michael Jackson.
As the re-recording episode shows, Swift is an exceptionally good businesswoman. Her success here contrasts sharply with that of the stereotypical 1960s rocker, forced out on the road again because their accountant has looted the bank account.
There’s still a puzzle remaining to be resolved. Taylor Swift has a lovely voice and is a talented songwriter, but, unlike the people I’ve named, she’s not a radical innovator. That’s not true of Swift alone. From the beginnings of rock-and-roll in the 1950s, through heavy metal and psychedelia to rap in the 1970s, radical innovation was the norm. Since the 1980s, new styles have mostly been hybrids and recombinations (acid house , dubstep and so on) or attempts at returning to rock purity (grunge and, before that, punk).
Drawing a long bow, I’d link to this to the decline of the teenager as a central category in music and culture generally. Before the 1950s, the word “teenager” was almost unknown. Young people turned from children at 13 into legal adults at 21, with the “awkward age” of adolescence in between. The advent of mass secondary schooling, followed by the impact of the Baby Boomers produced a large group whose tastes, for the first time, dominated popular music. And since the teen years are short, the demand for something new was ever present.
There’s not much of this left today. Teenagers are once again the subject of adult and parental concern rather than the central actors in cultural drama. The audience for popular music is no longer segmented by age in the way it used to be. This in turn makes it possible for someone like Taylor Swift to build up both an audience and a repertoire over decades rather than years.
That audience maps on to her own career remarkably well. The core group of Swifties is dominated by women aged between 16 (her age when she began her career) and 36 (her age today). Her songs chronicle her own journey through those years, and resonate with her fans. That broad spread makes it possible for her to pack stadiums around the world, even at the eye-watering ticket prices that prevail today,
As I mentioned at the beginning, this success has made Swift a billionaire. As someone who holds the view that “every billionaire is a policy failure”, that raises some questions for me. If you want my answer now, donate here. Otherwise you will have to wait.
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