Record-breaking numbers by women are not only breaking stereotypes, but shaping extraordinary consumption patterns across sectors, local businesses, restaurants, hotels as well as tickets, food, merchandise for brands, thus driving the market economy with resounding success of their individual acts.
From a whopping $2.1 billion estimated in total for pop icon Beyonce’s Renaissance World Tour that ends in October this year, to singer-songwriter Taylor Swift’s ongoing Eras Tour likely to surpass $1.6 billion in gross ticket sales, and Barbie movie a mega hit at the global box-office with $1.2 billion and counting, feminism is more than just a concept.
Record-breaking numbers by women are not only breaking stereotypes, but shaping extraordinary consumption patterns across sectors, local businesses, restaurants, hotels as well as tickets, food, merchandise for brands, thus driving the market economy with resounding success of their individual acts.
“It’s a unique set of circumstances this year where three women-oriented acts have set the market on fire. This is a good acknowledgment of the times. There is a larger acceptance of gender sensitivity, which is definitely giving a boost to the economy. Even Madonna, Tina Turner were great performers and proved their mettle in the past,” said marketer and independent director Lloyd Mathias.
Sponsorships and marketing campaigns for Barbie alone had a blockbuster budget of over $100 million. “Brands have been energised with the campaign; Swift and Beyonce’s tour have a superb show of over billions. So by the end of it, it could be a phenomenal combination of these three giving a fillip to the economy,” said Mathias.
Beyoncé’s European leg had 21 gigs, earned a whopping $154.4 million in revenue and drew a million fans. Her May concert in Stockholm was blamed for unexpectedly high Swedish inflation after thousands of fans flocked to the concert, which also led to a surge in local hotel prices.
A US-based online research, insights and experience company QuestionPro found in a study that concertgoers spend about $1,300 per show. Over 71% find it worth spending, and 91% say they would go again. The research estimated that Swift’s Eras tour in the end would have an estimated $5 billion economic impact, more than the GDP of 50 countries. With most of Swift’s tour officially sold out, any tickets if available on unofficial channels, have an inflated price tag. A VIP ticket package to Australia tour worth $1,250 is now being sold for $3,114.
“Women may bring a different perspective to growth, spending, investment and risk when it comes to money, and we need to encourage them to visualise how they will impact the world as wealth creators. Both Beyonce and Swift walk the talk by donating in the cities where they tour, and thereby getting their fans to contribute. Economies grow inclusively when wealth is circulated, not when it stays in the pockets of rich people,” said Nisha Sampath, founder of Bright Angles Consulting.
Bright Angles Consulting is a marketing and brand consulting agency that has worked with companies like HUL, Aditya Birla Capital, Swiggy and BookMyShow.
“These women are showing a path to do this,” added Sampath.
Mathias added how women in sports, too, like in this year’s FIFA World Cup for women, have seen incredible following in terms of audience views as compared to a decade ago. “If one half of the world population can pull the other half, it’s time to acknowledge the super power of women,” he said. A record over 1.9 million people attended the 2023 FIFA Women’s World Cup, with the previous record at 1.35 million at the 2015 Women’s World Cup in Canada.
Added Karan Taurani, senior vice-president, Elara Capital, an investment solutions firm, “Like Women’s Indian Premier League (WIPL) is a big proposition now, where women are on a par with men.”
The Women’s Indian Premier League (WIPL) inaugurated this year in March gave a much-needed boost to women’s cricket in India, easing gender disparity and driving the economy. It was dubbed the second-richest franchise-based cricket league in the world across genders, after the IPL, as per BCCI secretary Jay Shah, and the third-richest franchise-based women’s league in the world across sports, after Women’s National Basketball Association (WNBA) and Women’s Super League. The media rights for the first five seasons of the league were acquired by Viacom18 Media for Rs 951 crore for 134 matches—which translates to roughly Rs 7.09 crore per match.
While the men’s broadcasting rights for IPL stand at upwards of Rs 48,000 crore for the next five years, WIPL roped in sponsors like Hero Vida, Tata Motors, Tata Capital, Bank of Baroda, MPL Striker, Mia by Tanishq, World Gold Council, H&M, JSW Paints, Noise and Apar Industries. The sponsorship money, ticket sales and other commercial revenue opportunities add well for the teams, as the league’s top player Smriti Mandhana was bought at Rs 3.4 crore (28.3% of the total purse) by the Royal Challengers Bangalore (RCB).
https://www.financialexpress.com/policy/economy-its-a-barbie-world-and-its-fantastic-women-power-driving-economy-3231230/
