Can one record-breaking megastar make a difference for struggling musicians and new artists?
aylor Swift’s new album, The Tortured Poets Department, is not one of her best. Critics have complained about its exhausting length , subdued tone and lyrical wound-rubbing. Her decision to announce it at the Grammy awards, months before its release on 19 April, was widely seen as tacky, snatching the media spotlight from other winners.– 300m in one day and 1bn in five – and made her the first artist in history to secure the top 14 spots on theHot 100. In the US, it sold 2.
That Swift is one of the most financially canny pop stars in history is beyond doubt. She has leveraged her power to cut deals with concert promoters, record labels and platforms that have never been made before. And while she has an A-list team, including renowned attorney Don Passman, there is no doubt that Swift, the daughter of a financial adviser, makes the big calls herself. What is less clear is what her disproportionate success means to the music industry at large.
It was an extraordinary experiment. And it worked. All four Taylor’s Versions to date – Fearless, Red, Speak Now, 1989 – topped the US Billboard 200, as if they were new releases, and became the definitive versions. In its first six months, 1989 outstreamed the original release by three to one.
“She has a remarkable parasocial relationship with her fans,” Krukowski says. “Make your personal purchase and she’s going to be grateful. It’s a consumer relationship. She’s not alone in that, but she excels at it.” Swift’s success reflects broader trends in the industry over the last few years. The bottom line is it is booming. After a dramatic decade-long slump due to the collapse of physical sales, revenue began to recover in 2015. In 2021, it surpassed the high-water mark of the CD boom. In 2023,. “The industry is making more money and more of it is getting through to artists,” Page says. “Royalty rates and advances are going up, and contracts are getting cleaner.
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