Over the weekend Taylor Swift wrapped up the second U.S. leg of her record-breaking Eras Tour as she completed three nights in Indianapolis. As a self-proclaimed “Swiftie” I have watched over the last eighteen months as her tour attracted millions of fans and hundreds of communities benefited for the economic impact of what is now called “Swiftonomics”.
On Friday the Cape Chamber hosted its monthly First Friday Coffee and the presentation topic was focused on the work and investment being made throughout the community to grow and expand a live music scene. The panelist helped to highlight the diversity and work from headlining shows at Century Casino or the Show Me Center, to small and intimate “house shows” with a limited audience and everything in between.
While these shows certainly aren’t on the size and scale that the Eras Tour form a business perspective, there is a real positive correlation from promoting and expanding live music events and the resulting inflow of money spent by attendees both locally and from visitors.
A 2021 report from Oxford Economics quantified that “If an out-of-town attendee were to spend $100.00 on a concert ticket, the local economy would benefit from an additional $334.92 in spending, resulting in a total spending impact of $434.92.”
Of course, for live music to grow and thrive the key part is growing attendance at events. If you need that extra incentive next time to see an ad for a concert, just think to yourself, “I am helping to grow the economy of our region by attending” and then bring along some friends and family to enjoy the show!
