Your Study Guide for ‘Swiftynomics 101’
Estimated reading time: 3 minutes
Welcome to class
When you think of drivers of the economy you might think of manufacturing, or exports. But since last year, you may also think of Taylor Swift.
Her groundbreaking, multi-billion “Eras” tour dished out a boost to local economies, including hotels and restaurants. When her relationship with Kansas City Chiefs tight-end Travis Kelce became public, jersey sales spiked. Taking into account increased viewership, engagement, and merch sales, the relationship has generated more than $300 million in value for the NFL even before the Chiefs landed a spot at next week’s Super Bowl, according to Apex Marketing Group.
With so much value creation left, right, and center, it’s fair to start talking about “Swiftynomics”.
Introducing Professor Swift
Swift has gone beyond a conversation topic. According to University of Kansas professor Misty Heggeness, it’s an economics case study.
The Swiftynomics curriculum her success to demonstrate the Theory of the Firm, a concept in economics to explain why companies work the way they work. According to Heggeness, the NFL’s embrace of Swift may be an example of a long-term strategy, exemplified by introducing a whole new demographic to the NFL. Last week, more than 100 high school and college teachers attended a webinar on the curriculum.
Along with driving interest among young people and professors, Swift has more women tuning into the NFL, which means a different array of brands in superbowl commercials compared to years past. Beauty brands e.l.f. Beauty, NYX Professional Makeup, and Dove have all purchased spots for the big game. For Dove, this will be its first Super Bowl ad in almost two decades; for e.l.f., its first ever.
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