ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Taylor Swift's Shows Expected To Bring $48 million to Cincinnati

Even those who won't be attending the concerts will likely benefit from the increased spending and job creation associated with the event.
PUBLISHED JUN 23, 2023
Image Source: GettyImages/Kevin Winter
Image Source: GettyImages/Kevin Winter

Taylor Swift is all set to perform in Cincinnati at the end of June bringing entertainment and big economic push to the region. There is a lot of excitement among local businesses as her concerts are expected to add as much as $48 million to the revenue. Even those who won't be attending the concerts will likely benefit from the increased spending and job creation associated with the event, according to FOX 19.

Huge concerts are real money generators. The recent Renaissance World Tour by Beyoncé pushed up prices of hotels and other services in Sweden. In fact it is being said that Beyonce single-handedly increased inflation in Sweden. Fans, mostly from the US flew to the Scandinavian country as the ticket prices were cheaper in comparison to the US leg of the tour.

The Visit Cincy and the Cincinnati Regional Chamber's Center for Research and Data are optimistic that the city can expect a substantial economic boost as a result of these performances. Over 130,000 enthusiastic concert attendees are expected to flock Downtown Cincinnati for the shows at Paycor Stadium over the June 30 weekend.

Alongside Swift's concerts, the presence of the Reds and FC Cincinnati sports teams will contribute to an estimated total economic impact of $92 million for that weekend. Visit Cincy reports that $48 million of this amount can be directly attributed to Swift's concerts, according to Fox 19. Without the concerts, the region would typically generate around $44 million on a June 30 weekend with other activities happening in town.

Image Source: GettyImages/Kevin Winter
Image Source: GettyImages/Kevin Winter

The substantial economic impact stems from various sources of expenditure. Visitors will spend money on hotel rooms, concert tickets, transportation costs, and food and beverages throughout the concert weekend. It is projected that regionwide hotel occupancy will reach an impressive 95%, reflecting the high demand generated by the influx of concertgoers.

The Taylor Swift concerts have the potential to support or create 724 jobs in the region directly, and an additional 178 jobs indirectly. This means that not only will the local economy benefit from increased revenue, but job opportunities will also be generated, providing employment to many individuals. The influx of visitors and concert attendees is expected to generate tax revenue amounting to approximately $3.8 million, including $1.6 million captured locally. These funds can be utilized to support local infrastructure, services, and other community initiatives.

Image Source: GettyImages/Kevin Winter
Image Source: GettyImages/Kevin Winter

While Downtown Cincinnati will experience the most significant impact, different businesses in the region can expect to see increased revenue. The Cincinnati Regional Chamber emphasizes that the event demonstrates the region's ability to attract and accommodate large-scale events effectively.

Brendon Cull, President and CEO of the Cincinnati Regional Chamber, notes that the city is uniquely positioned as the center of a densely populated larger region, with approximately 20 million people residing within 200 miles. The simultaneous occurrence of the concerts, Reds homestand, and an FC Cincinnati game will showcase Cincinnati as a world-class city capable of hosting multiple major events simultaneously.

Image Source: GettyImages/Kevin Winter
Image Source: GettyImages/Kevin Winter

To put the magnitude of this economic impact into perspective, the estimated economic impact of BLINK 2022, another major event in Cincinnati, was $122 million. The Taylor Swift concerts, with a projected impact of $48 million, will undoubtedly contribute significantly to the region's economic vitality.

Looking ahead, hosting high-profile events like these not only boosts the economy but also promotes the city's reputation as a desirable destination for entertainment and cultural experiences. Cincinnati has proven its ability to attract large audiences, and provide the necessary infrastructure and resources to accommodate such events successfully.

MORE ON MARKET REALIST
According to the expert, personal letters and a signature from Tolkien himself added to the value of the book.
8 hours ago
Chistina and Katie Currie won over $88,000 in cash and two exotic vacations with their stunning performance.
9 hours ago
After everyone backed out, the billionaire Shark stepped up to help the founder of Diaper Dust.
1 day ago
Sun kept repeating the incorrect phrase but couldn't identify the error in time.
1 day ago
After almost closing a deal with Mr Wonderful, the founder of 'Simply Good Jars' pivoted hard.
1 day ago
The host thought it was the "worst possible answer" to give even as the team felt it was good enough.
2 days ago
Adding to the controversy, the owner of Dr. Mudd's lapdesk asked Harrison for $100,000.
2 days ago
With just milliseconds to spare, Sarah LaPilusa pulled off an incredible Bonus Round win.
2 days ago
Ozark Trail 64 oz Water Bottles were recalled after the lids of faulty bottles forcefully ejected.
3 days ago
The player laughed and giggled her way through the puzzles to win prizes worth over $57,000.
3 days ago
Scott Riccardi placed an unbelievable wager during Final Jeopardy! to win a massive amount in a day!
3 days ago
The guest got a 200% return on investment on her sculpture that she bought from Macy's.
3 days ago
Jennings had a record-setting winning streak as a contestant before he became the host.
4 days ago
The player, Ron Wheeler, tragically got no clues after his letter picks for the final puzzle.
4 days ago
The former kids champion, Skyler Hornback knew what was coming.
4 days ago
The fans took issue with the clue being too tough and unnecessary for the contestants.
5 days ago
Cuban wanted to strike a deal with the founder of Coconut Girl and gave her an ultimatum.
5 days ago
Although the word did make a lot of difference, some fans felt that the decision was ridiculous.
5 days ago
The guest, who found the item online, didn't think it was the real deal until he heard its value.
6 days ago
The player Samantha secured the first big win of Ryan Seacrest's run on the show.
6 days ago