Last week, we looked at the logistics of Taylor Swift's Eras tour. Today, we are going to SHOW YOU THE MONEY!
It's hard to overstate the impact of Taylor Swift's Eras Tour on the cultural landscape, musically or economically. Believed to be the largest and most lucrative concert tour ever, some estimates have it bringing in $1.4 billion by the tour's end. The Swift demand (see what I did there) for her first post-pandemic tour crashed the Ticketmaster website, a debacle that eventually led to a congressional hearing.
The impact continues beyond the concert venue gates.
Her fans have been filling hotels, packing restaurants, and crowding bars during Swift's 20-city Eras Tour in the U.S. Cities say the tour has helped them recover from the economic toll of the pandemic by bringing back tourists and their wallets.
The Eras Tour, which started in March and ended in the U.S. on Aug. 9, is on track to become the most extensive tour in concert history, potentially grossing $1 billion. It's filling football stadiums with more than s people, and Swifties often stays in town for several days, giving local businesses time to soak up the Swiftie money.
To get fans in their stores, they sell doughnuts with Swift's face on them or concoct cocktails named after her songs. Cities went all out trying to welcome Swifties. Glendale, AZ, temporarily renamed itself Swift City, Swift was named an honorary mayor of Santa Clara, CA, and the Willis Tower in Chicago was lit purple and gold one night and green and teal another in homage to some of Swift's albums.
Why?
Because one estimate places the economic impact of her tour above 50 million dollars per city! The impact isn't just local; the Federal Reserve credits Taylor Swift's Eras Tour for affecting the entire United States economy.
It's simple Taylornomics; Swifties go on a spending spree when Taylor Swift comes to town.
The impact is incredible, but so is the responsibility. A single person, Taylor Swift, is impacting local and national economies in ways Fortune 500 companies can't. ONE PERSON.
If you remember last week's e-zine, you know where I am going with this.
Few individuals on a school campus have the fiscal responsibility and exposure to liability that you do. The equipment, uniforms, furniture, fixtures, and electronics can exceed one million dollars in value. Add to this the immense physical footprint of a music/performance facility, and you can easily understand that running a music program can be as much about money as it is about music. Your program has an economic impact.
And, like the Eras Tour, the impact doesn't end at the rehearsal hall doors.
A simple recommendation to your students regarding where to rent/buy an instrument can mean tens of thousands of dollars to a local music retailer. Selecting a uniform provider or travel company can exceed that figure by double or even triple. You not only have a job as a music teacher, you help create jobs. The combination of such an immense fiscal responsibility, and its impact on a community, makes you a businessperson as much as a music educator.
Don't believe me?
Years ago, I compared my program to a small business as a thought exercise.
I "paid" my students minimum wage for every hour they were with me.
I "gave" my leaders a $5.00 pay bump as managers.
I listed actual wages for myself and my staff.
I factored the parents in as unpaid employees.
I was shocked when my calculations had my employee payroll exceeding two million dollars for a sixteen-week season. TWO MILLION DOLLARS! This did not factor in facilities, instruments/equipment, operating costs, or payroll taxes.
Being the curious person I am, I called my city Chamber of Commerce, explained what I was doing, and was told I would be considered the third largest employer in my city. My band program was larger, more complex, and would have a more significant financial impact than 95% of other businesses in my city.
I don't have a degree in business. Heck, I struggle to create pivot tables in Excel. I don't have a human resources department or a crack social media and marketing team. I have yet to gain experience in depreciation schedules or long-term financial planning.
And yet, all of this is a part of the job of a program director.
You see, in ADDITION to running your music program, you are running a small business on top of it. You do this without any training, resources, experience, or help. If we're honest, your job's business side presents the most significant exposure to peril.
Some of you embrace and excel at the non-musical portions of the job, while others struggle. Some of you excel or even enjoy these parts of your job. I did.
Regardless of which side of the equation you are on, it is an ever-growing part of your job that requires more and more of your most precious resource: TIME. The added burden, without added resources, could push many over the top and out of business. That is something we can't afford.
“My ultimate goal is to end up being happy. Most of the time.”
– Taylor Swift
In the end, we are as much a business as we are an educational institution. It's important to remember that taking care of business means taking care of yourself. Taking care of yourself means you ARE taking care of business.
Have a great week everyone.
-Scott
p.s. Next week I will share some thoughts, tips, and ideas that have shaped my business and program throughout the years.
p.p.s In total, we have over 2500 registrants for my free webinar. Round one, this past Monday was incredible and I can't wait for the 29th.
Again...
This should be the last free edition. But, I want to finish what I started. So, I feel another free one coming on next week.
However, the cost of sending these emails is considerable.
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