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- Six nights of Taylor Swift concerts may be worth more than the whole of WeWork, a new study finds.
- Swift is slated to give a $320 million boost to LA County, exceeding WeWork's $274 million value.
- The Eras Tour recently caught the Fed's attention for its economic impact on Philadelphia.
Six nights of Taylor Swift concerts are worth more than the entire market value of WeWork, a new study finds.
The Eras Tour will give a $320 million boost to Los Angeles County's gross domestic product (GDP), the California Center for Jobs & The Economy estimates. WeWork shares have plunged by 97% in the past year to trade as low as 15 cents on Thursday, giving the shared-workspace company a market capitalization just below $320 million.
Swift's shows in Inglewood, Los Angeles promise to create 3,300 jobs and lift local earnings by $160 million, the new report finds. It assumes six nights of sold-out attendance at the roughly 70,000-seat SoFi stadium, an average ticket price of around $700, the average concertgoer spending more than $1,300, and an average hotel-room rate of just over $300 on concert nights.
The study also factors in the likely taxes paid by the concert organizers, ticket resales generating income for households in the area, and indirect effects as the money generated flows through the local economy.
Swift's record-breaking tour recently scored a mention in the Federal Reserve's Beige Book. One Philadelphia local reported that July was the city's strongest month for hotel revenue since the pandemic began, primarily because of an influx of Swifties attending their favorite singer's concerts.
WeWork stock plummeted on Wednesday after the company — once valued at $47 billion — warned there was "significant doubt" it could stay in business for more than a year unless its grim financial situation improved. However, its shares rallied more than 20% in early trading on Thursday.