Taylor Swift is flexing her economic muscles again with the return of her tour and a new book
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In today's big story, Taylor Swift has a new book coming out, but how she's doing it might create some bad blood with publishers .
What's on deck:
But first, the publishers are going to hate, hate, hate.
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The big storyBook publishing (Taylor's version)Taylor Swift's "Eras Tour" returns tonight in Miami, but the megastar's influence and power were already on display earlier this week.
On Tuesday, Swift announced plans to self-publish "The Eras Tour Book," a behind-the-scenes look at her record-breaking tour that'll be released exclusively at Target on Black Friday.
It's the latest example of the billionaire bucking traditional business norms , writes Business Insider's Samantha Grindell and Madeline Berg.
From her music to her tour and the accompanying movie, Swift often avoids industries' typical power players and takes a more do-it-yourself approach . The benefits are twofold: Creative control and more money for herself.
Which is why Swift's announcement is such a bummer for the publishing industry.
News of a Taylor Swift book should have sent a publisher jumping for joy at the potential revenue. (Rest assured, it will be a bestseller.)
Big stars like Swift are exactly who book publishers are banking on these days. Instead of unknown authors, books by celebrities are viewed as a better bet.
But Swift shaking off publishers to do it herself could inspire other celebrities to follow in her self-publishing footsteps, upending the business. And while few, if any, have such devoted fans, that doesn't mean they won't try.
In the meantime, Swift's tour returns to the US as the economy is on the cusp of nailing its soft landing.
Last time around, Swift helped prop up an economy battling inflation, slow wage growth, and overall bad vibes .
Things are in much better shape now. With one interest-rate cut in the books and more (hopefully) on the way, most experts view the risk of a recession as firmly in the rearview mirror.
But even so, Miami, New Orleans, and Indianapolis — her remaining US tour dates — won't mind Swift coming to town. The artist's impact on local economies is eye-popping. The revenue generated for local businesses in Glendale, Arizona, the kickoff location for the tour last year, reportedly rivaled what the Super Bowl brought in .
In total, last year's 53-show run in the US generated an estimated $4.6 billion in US consumer spending .
All that spending does come with some risks. "Mega-events" like Swift concerts create demand shock among consumers that could push inflation higher , according to UBS. And with a hotter-than-expected September inflation report , we're not fully out of the woods.
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