She Might be an Anti-Hero, But Taylor Swift Stars as the Leading Lady in an Entrepreneur Love Story
Welcome to Taylor Swift's world. We've been waiting for you. The music icon has revolutionized the entertainment industry and established herself as one of the most potent brands in the world.
Higher education has even taken notice of Taylor's business acumen by telling Swifties, "Look What You Made Me Do," and offering college courses with Taylor as the focal point.
Sample course titles include "Taylor Swift and Her World" at Harvard, "Musical Storytelling with Taylor Swift and Other Iconic Female Artists" at the University of Florida, and "The Entrepreneurial Genius of Taylor Swift" at the University of Texas.
We can learn much from the 2023 Time Magazine's Person of the Year. Without looking at the curriculum for any Taylor Swift-related classes, we've compiled five business lessons courtesy of Miss Americana.
Protect Your IP – Taylor entered the music scene as a teenager and signed with Big Machine Records in 2005. She released six albums with the label and left in 2018. While she owned the rights to all of her music and lyrics, the actual recordings of all the songs belong to Big Machine Records. The company sold the rights to all her music recordings for $300 million, meaning the label did not have to compensate Taylor for the track's usage. To reclaim the rights to distribute her songs, Taylor rerecorded all six albums and the respective songs, promoting it as Taylor's version. A Daily Californian article wrote that this action will "enable listeners to enjoy her past music in a way that Swift can rightfully reap benefits from. Swift incentivizes listeners to stream her re-recordings, including new music videos and previously unreleased songs from each era — dubbed "from the vault.'"
Build a Loyal Following – The Swifties. The collective pet name for Taylor Swift fans. They have broken Ticketmaster, sold out movie theaters, and followed Taylor's career for almost 20 years. In an article with Fast Company, public relations expert Jordan McAuley, founder of ContactAnyCelebrity.com, said that Taylor Swift is "one of the most approachable and relatable celebrities of her stature" because of her personal touch with fans. "From the beginning, when she was a country singer, Swift hugged fans and still does, took selfies with them, dropped 'Easter eggs' for fans to decode, and sends fans gifts in the mail," he said. People feel like they know Taylor and want to support her many endeavors, which brings us to.
Find Different Revenue Streams – Yes, Taylor Swift is a music star, but she has also broadened her portfolio. In 2023, she became a movie star. Her self-produced film "Taylor Swift: The Eras Tour" has brought in approximately $250 million, 57% of which Taylor will keep. She has also had numerous endorsement deals with corporate entities such as Coca-Cola, AT&T, and Covergirl. Also, Taylor is known for her real estate investments, having homes in Rhode Island, California, Tennessee, and New York.
Evolve Your Brand and Embrace New Technology – Taylor has grown up in the public eye. Initially a country music artist, Taylor released her first album at 16. With each passing record, her sound evolved and became more mainstream, appealing to a larger demographic. Additionally, Taylor continually understands the importance of social media and constantly finds innovative ways to connect with her fans and generate buzz for her projects, whether teasing new drops on Instagram or responding to fans directly on X.
Practice Empathy and Show Compassion – It shows in her connection with her fans. Taylor was one of the first celebrities to pledge financial support after a tornado blew through Nashville in December 2023. She demanded that water be distributed to fans during a concert in Brazil where temperatures reached almost 100 degrees. Additionally, recognizing the sacrifices made by her Eras Tour production crew, Taylor reportedly distributed $55 million in gifts, including $100,000 for each truck driver who brings the production from city to city. She also is known to “Speak Now” especially for fellow music artists in the battle for fair treatment and pay in the digital age.
Be Vulnerable – Taylor has made a career of being a relatable storyteller. It has made her a billionaire. It's OK to be yourself and share your struggles as an entrepreneur. In 2022, Taylor received an honorary doctorate from New York University. During the commencement speech, she said the following:
"I sound like a consummate optimist, but I'm not. I lose perspective all the time. Sometimes, everything feels completely pointless. In your life, you will inevitably misspeak, trust the wrong people, under-react, overreact, hurt the people who didn't deserve it, overthink, not think at all, self-sabotage, create a reality where only your experience exists, ruin perfect moments for yourself and others, deny any wrongdoing, not take steps to make it right, feel very guilty, let the guilt eat at you, hit rock bottom, finally address the pain you caused, try to do better next time, rinse, repeat. And I'm not going to lie; these mistakes will cause you to lose things. Losing things doesn't just mean losing. A lot of the time, when we lose things, we gain things too."
Bottom Line: Dan Fleetwood, President of QuestionPro Research and Insights, said, "If Taylor Swift were an economy, she'd be bigger than 50 countries; if she was a corporation, her Net Promoter Score would make her the fourth most admired brand and her loyalty numbers mimic those of subjects to a royal crown. It's all a testament to her focus on the fan experience." Undoubtedly, Taylor has already had an “Enchanted” career as an entertainer and a businesswoman. However, perhaps the biggest lesson she's taught us is that sometimes, when things don't work – you must "Shake it Off."