Revenue from Taylor Swift merchandise has proved a life saver for Universal Music Group whose revenue has exploded.
At a time the music industry is finding it tough, Universal Music Group merchandise revenue grew 12 percent to 157 million euros ($257 million), says a report in The New York Post.
“This more than offset a decline in Universal Music Group’s touring revenue from the outsized growth recorded in 2022 as COVID-19 touring bans were lifted,” the report said.
It quoted the company’s chief executive Lucian Grainge, who said Taylor Swift had become “the very first woman in history to have four albums in the top 10 simultaneously, including this week’s number one”.
It shows the public still has plenty of cash to splash on musicians and entertainment for artists they regard in high esteem.
Celebrity publication insider.com reported in June that Swift’s Eras Tour could take her into billionaire territory.
Her estimated wealth before the tour was $US740 million, with around $US84 million of it invested in real estate, it said.
Taylor Swift at the Taylor Swift “The Eras Tour” held at Allegiant Stadium on March 24, 2023 in Las Vegas, Nevada.
Combined vinyl and digital album offerings are among her most popular items on sale in her album shop. Even old fashioned cassette tape versions get top billing, with Speak Now available in all formats.
