Highlights
- Taylor Swift’s rejection of a sponsorship deal with a bankrupt crypto exchange turned out to be a smart move, as she avoided potential legal issues.
- Swift’s smart business decisions and investment moves contribute to her massive appeal and success in the music industry.
- Swift showcased her business smarts by independently financing and distributing her concert film, disrupting movie studios’ control and achieving record-breaking presales.
Taylor Swift has been dominating the music world since she burst onto the scene when she was still a teenager. Swift first made a name for herself on the country music scene and went on to become a huge pop star.
Her transition from country to pop was something her record label didn’t approve of. However, Swift went through with her decision and it paid off in the end.
Swift’s instincts have turned out to be correct when it comes to business as well. She recently rejected a sponsorship deal with a now-bankrupt crypto exchange. Swift’s business instincts also paid off when it came to the release of her latest concert film.
Swift has become known for her savvy business moves during her career. One such move was made recently when Swift rejected a sponsorship deal with FTX.
FTX is a crypto exchange that has since gone bankrupt. The deal was said to have been worth $100 million. According to an elite investor, Swift puts her money into a niche type of mutual fund, Business Insider reports.
According to Adam Moskowitz, Swift’s choice not to move forward with the FTX deal came after she asked the company whether it was selling unregistered securities. Moskowitz is a lawyer who is currently handling several class-action lawsuits against many FTX promoters. These promoters include Shaquille O’Neal, Tom Brady, and Larry David.
During an episode of The Scoop podcast, Moskowitz said that Swift never promoted the exchange, unlike other celebrities who didn’t do their due diligence.
“The one person I found that did that was Taylor Swift,” he told podcast host Frank Chaparro.
Boaz Weinstein, founder of Saba Capital Management, posted about Swift’s smart business decisions after attending her Philadelphia concert with his daughters. He claimed that her smart investment moves are one of the many reasons for her massive appeal.
“Having a blast watching our daughters sing every lyric tonight in Philly,” he tweeted. “Did you know that @taylorswift13 invests in discounted closed end funds? You think I’m kidding, but her father Scott told me so!”
“For many reasons, it’s hard not to be a Swifty,” the hedge fund manager added.
The concert film of Swift’s current tour only further showed her savvy business sense.
Taylor Further Proved Her Business Smarts With The Release Of Her ‘Eras Tour’ Concert Film
Taylor Swift has reached a new level of her career with “The Eras Tour.” Her sold-out shows and die-hard Swifties have made this period, perhaps, the biggest era of her career. There have been many memorable moments during the tour so far. One of those moments was when she announced her latest re-recording.
Swift stopped the final Los Angeles show on her “Eras Tour” to speak to the audience. She began by thanking them for their support, particularly in regard to the recent re-recordings of her past albums.
“Since I was a teenager, I wanted to own my music,” Swift told the crowd. “The way to do it was to re-record my albums, and the way that you have embraced … that you have celebrated, that you really decided that it was your fight too, and that you were 100% behind me … I will never stop thanking you for that.”
Then, Swift announced something Swifties everywhere had been awaiting a long time.
“There’s something I’ve been planning for a really, really, really, ridiculously, embarrassingly long time. And instead of telling you about it, I think I’ll just sort of show you,” she said before the screen behind her revealed the cover art and release date for “1989 (Taylor’s Version),” which was released on October 27.
From her latest album “Midnights” to her re-recordings to her current tour, Swift is at the top of her game. The success of this tour is one of many reasons it needed to be documented and released as a concert film.
However, the strike didn’t stand in the way of Swift releasing it to the public.
While Swift is a member of SAG-AFTRA, she was granted a waiver by the unions to release her “Eras Tour” concert film. The reason for the waiver is that the film is unscripted and has no actors or writers associated with it.
Taylor Reportedly Angered Movie Studios With The Release And Distribution Of Her Film
In addition to receiving a waiver from the unions, Swift went over the heads of movie studios when it came to distributing her film.
Instead, the singer independently financed the film and made a distribution deal with the theaters themselves. This reportedly made film studios livid, as it disrupted their position of power, especially in the midst of the strike.
Swift’s film also disrupted the release dates of several horror movies, as her film was released on October 13, which was a Friday. Universal’s The Exorcist: The Believer was released on October 6 instead. Paramount’s Killers of the Flower Moon was released on October 20 and competed with Swift’s film for IMAX screens.
Swift’s plan to release the film while the tour is still active was also rumored to be deliberate. Whereas many artists wait until after their tours are completed to release a concert film, Swift took advantage of the hype surrounding her own show.
And it looks like Swift’s plan of attack worked perfectly. “The Eras Tour” concert film quickly broke the AMC record for first-day presales. It grossed $26 million in the first 24 hours, beating Spider-Man: No Way Home.
Source: NewsFinale
