What Entrepreneurs Can Learn from Taylor Swift’s Movie Tour
As Taylor Swift’s record-shattering The Eras Tour continues to dominate the box office and shake (shake, shake, shake, shake) up concert standards, the Grammy Award winner also is modeling several lessons for entrepreneurs.
Taylor Swift movie tickets sold a record $92.8 million domestically and $123.5 million globally over the October 13 opening weekend. Dedicated Swifties have been dressing up and heading to their local cinema to attend the top-grossing picture, which features hit songs from Swift’s 10 albums.
Beth Goldstein, senior director of Babson College’s Youth Impact Lab, said Swift’s innovative approach to sharing her music showcases her ability to redefine the traditional music industry model. Additionally, she’s created a unique road map for success in the ever-evolving business landscape.
“At the Youth Impact Lab, we focus on helping youth understand how they can make an impact on the world. Our goal is to cultivate their mindsets to address problems and opportunities by having a deep understanding of their unique value proposition as it relates to their target market,” Goldstein said. “We encourage them to test, be disruptive, and not be afraid of failing as we want them to change the status quo in a world on fire. Taylor Swift is a great model for them to follow.”
Era of Disruption
Disruption is the name of the game, and Swift is the perfect embodiment of this entrepreneurial spirit, Goldstein said. The singer’s decision to take her tour to the cinema is a testament to her capacity to identify problems as opportunities and take calculated risks.
“When you think about being disruptive, one has to remember that the past does not always inform the future,” Goldstein said. Swift’s decision to directly collaborate with AMC for her concert film distribution is a prime example. By breaking free from traditional channels, she not only gained greater control over her distribution but also gave unprecedented access to her fans. This is a valuable lesson for entrepreneurs: Sometimes, you need to bypass the status quo to make your mark.
Unique Value Proposition
Another takeaway from Swift’s tour is understanding your unique value proposition. She recognized that her fans want an immersive live concert experience but also value convenience. By offering a cinematic alternative that mirrors the energy of her live shows, she eliminated the obstacle of high-ticket prices and brought her music closer to her audience.
“Understanding one’s unique value proposition as it relates to current and future target audiences is clearly demonstrated by Taylor Swift,” Goldstein said. This is an essential skill for entrepreneurs, as recognizing what sets your product or service apart can be the key to success in a competitive market.
Collaboration Is Key
Swift’s partnership with AMC, a move that revitalized the traditional cinema experience, underlines the importance of collaboration. Entrepreneurs can learn from this, as partnerships with like-minded businesses can be a win-win strategy.
“We encourage (students) to test, be disruptive, and not be afraid of failing as we want them to change the status quo in a world on fire. Taylor Swift is a great model for them to follow.”
Beth Goldstein, director of Babson's Youth Impact Lab
In this case, AMC benefited from providing a unique, interactive experience for customers. Swift, meanwhile, created an additional revenue stream. While Swift had previously used streaming services for music distribution, her collaboration with theaters offered a fresh dimension to her performances. It also expands access. Fans can purchase tickets multiple times to relive the concert experience.
Swift’s The Eras Tour provides entrepreneurs with a vivid case study in innovation, adaptability, and the ability to see problems as opportunities, Goldstein said. By understanding your unique value proposition, being disruptive when needed, and forging strategic partnerships, entrepreneurs can take valuable lessons from the superstar’s journey.
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