Week 12: Concluding My Research and Reflections

Welcome to my final Senior Project Blog post!

Reflecting on the past three months working on my Senior Project, I am extremely grateful for this opportunity to delve into a topic that combines my academic passion for economics with my love and appreciation for music. The ability to insert myself into a larger dialogue as I understood what the Eras Tour represents for the music industry and analyze the future of using live music as a vehicle for economic growth on both micro and macro levels has been fascinating. 

As a “Swiftie” since 2012, I have always been interested in Taylor Swift and her success in the music industry. She has been breaking records for years, outdoing herself regarding album sales and streams with every new release. However, I felt that the Eras Tour marked a shift. She dominated media and conversations worldwide in a way she never had before. Having attended four Eras Tour shows, I could understand why the tour was so widely praised. Yet her impact extended far beyond her music, visuals, and costume changes. 

The basis of my project revealed how valuable live music is as a vehicle for economic growth. As a music lover and religious concertgoer, I have always found great joy in hearing my favorite songs performed live, so it was exciting to examine the value this interest holds through the lens of economics. To do so, I quantified the monetary success of the Eras Tour and examined what fan spending meant for the future of the concert industry and local economies that have since highlighted new ways to boost tourism in their cities. The knock-on effects of Swift’s tour that were not initially planned are becoming central to how artists, music business professionals, and those in other industries such as marketing approach music. What were once deemed frivolous pop songs have become major contributors to the economy. The Eras Tour is, for many, so much more than just a concert. Fans like myself are not just attending the shows. We are traveling for them, spending money locally/in local restaurants, migrating to the local In & Out or Shake Shack after the show to continue bonding with other fans, making friendship bracelets, decorating our arms in 13s and song lyrics, creating elaborate costumes, and ultimately becoming a part of a vibrant community that cultivates what many view as this cultural and economic phenomenon.

I also thoroughly enjoyed learning about how the music industry (especially the live and ticketing sectors) operates behind the scenes. Indeed, Swift’s impact truly lies ahead. While we can not foresee whether any of Swift’s hits will reach “classic” status or if she will remain in line with other “greats” in the industry, Swift’s tour has nonetheless taught many musicians and other industry professionals about finding success in an increasingly digital and streaming-based industry. From cultivating and strengthening fan connections to taking advantage of the U.S.’s current experience economy, Swift sets a gold standard for touring artists. She is even kick-starting changes to concert ticketing that will affect the sector for years to come, and her opening acts are given a platform to test the idea that longevity and authenticity, combined with talent and luck, makes a star.

Beyond my specific research question, I learned what it means to conduct my own research and the challenges that come along the way – something that will be impactful as I enter college and conduct economic research in the future. The music industry is known to have high barriers to entry, and I experienced a lot of difficulty with follow-through and placement opportunities. However, with self-motivated persistence (and mastering the art of a cold email) I was able to learn how to break down some of those barriers to get answers my questions and assert myself into an Eras Tour dialogue.

On June 13th, I presented my findings, which if you didn’t have the chance to attend, you can read through the slides here. I also loved presenting some of my findings to the lower school last Wednesday, June 12th, teaching younger BASIS students that a fun, exciting topic such as Taylor Swift’s Eras Tour could be examined through an academic lens.

Finally, I wanted to take this time to say a special thank you to all of the people who helped make this project possible: Mr. Rappelfeld, my faculty advisor who provided advice and guidance throughout this research period, and Ms. Lara Peterson, my external advisor whose experience in the music business presented greater insight into the true effects of Swift’s tour. Additionally, a series of 20 interviews with industry professionals, extensive discussions about the underlying economics of the music business (and how Swift’s tour fits in), and conversations with individuals affected by Swift’s tour (e.g., local businesses) was central to my research. I am deeply grateful to all the individuals who kindly offered their time and expertise (see list below).

1. Lara Peterson – CMO at 7digital

2. Ed Tiryakian – Professor at Duke University

3. Alexandra Kotis – Formerly worked at Downtown Brooklyn Partnership, aiming to support economic development through local concerts

4. Carlos Chirinos-Espin – Assistant Professor at NYU, Director of NYU Music and Social Change Lab; Currently conducting research on Swift’s Eras Tour

5. Chris Dell’Olio – Owner of Master Mind Artist Management

6. Tony Maimone – Founder of Studio G Brooklyn and Grammy-nominated producer and musician

7. Alexa Rose Burnston – A&R Administration at Sony Music Masterworks 

8. Joshua Nunziato – Assistant Teaching Professor at the University of Colorado Boulder Leeds School of Business; Conducting research on Swift’s Eras Tour alongside Professor Chirinos

9. Ripleigh’s Creamery – Local ice cream shop in Philadelphia 

10. Andrew Zwarych – Research & Analytics Manager at Visit Philadelphia

11. Christian – CEO of Avenue Steaks & Pizza (a local Philly restaurant)

12. Tasnim Battles – Officer and Program Lead Recovery and Resolution Planning at the Federal Reserve Bank of New York 

13. Marc Faletti – Owner of Latchkey (a local record store in Philadelphia)

14. Larry Miller – Director of NYU Music Business Program

15. Amit Nerurkar – Artist & Labels Team, Hip Hop Ambassador at Bandcamp 

16. Robert Weitzner – NYU Music Business Adjunct Faculty

17. Lingrui Zhou – Assistant Professor of Marketing at The University of Hong Kong

18. Senior strategist at a major label (anonymous)

19. Charles Sanders – International music and entertainment attorney; NYU Music Business Adjunct Faculty

20. Justin Kalifowitz – Founder & Chairman of Downtown Music Holdings

Thank you again to everyone who helped make this project so fascinating and rewarding. I am looking forward to continuing to pursue my passion for economics at Duke University in the fall (hopefully attending concerts in Durham as well!)