Taylor Swift, Inc. (The HBS Version)

The Harbus discovers a case that was never, ever getting published… until now.

On the evening of August 26, 2025, singer-songwriter Taylor Swift and Kansas City Chiefs tight end Travis Kelce announced their engagement on Instagram. The five-photo carousel, featuring Kelce kneeling in Ralph Lauren and Swift in an ensemble later described by Morgan Stanley as “Q3 retail core,” attracted more than 30 million likes in less than 24 hours. By the next morning, Starbucks had publicly questioned whether it could continue to market Pumpkin Spice Lattes “like nothing happened,” Krispy Kreme announced a “Donuts for the Section” promotion, and Pixar offered a congratulatory meme of The Incredibles (see Exhibit 1 for brand responses).

The engagement instantly moved markets. Hotel bookings surged, Etsy bracelet vendors reported unprecedented trading volumes, and the Philadelphia Fed added a new Beige Book line item called “Taylor Events.” One economist, only half-joking, noted, “this is bigger than NAFTA and potentially the Stanley Cup.”

For Swift, the event raised a question with significant strategic implications: was she still merely a pop star, or had she become a sovereign GDP-producing entity? If the latter were true, what governance structure should she adopt?

A (Brief) History on Taylor Swift

Taylor Alison Swift was born December 13, 1989 in West Reading, Pennsylvania, where she spent her formative years on a Christmas tree farm. Rejected by every Nashville label at age 11, she signed with Big Machine Records as a teenager and released her self-titled debut album in 2006.

Over the next two decades, Swift executed a series of product pivots, from country (Fearless, her “Series A”) to rock (Red, her “Series B”), to pop (1989, her “Series C”), to R&B (Reputation, her “Series D”), to folk (Folklore, her “Series E”), each time acquiring new customers while retaining existing ones. In 2019, after a dispute over her first six albums’ masters, she chose to re-record them as “Taylor’s Versions,” a bold vertical-integration strategy that ensured control of her intellectual property.

By 2025, Swift’s portfolio included 12 albums, multiple films, an extensive real estate empire, and more than 300 registered trademarks (including the names of her cats). Time named her Person of the Year in 2023, and the Federal Reserve openly cited her ticket resale market to explain scarcity, arbitrage, and why economists cry at night.

The Eras Tour and the Birth of Swiftonomics

Launched in 2023, the Eras Tour spanned 149 shows across five continents and grossed $2.2 billion. Each show averaged $13 million in revenue. Resale ticket prices, initially $204, climbed to $4,000 and occasionally peaked near $20,000.

The direct revenue was overshadowed by the incremental consumer spending generated in host cities, also known as the “Swift Lift.” Restaurants within two miles of stadiums reported average sales increases of 68%. Hotels raised rates by nearly 50%. Seattle recorded seismic tremors during “Shake It Off,” measured at 2.3 magnitude (see Exhibit 2 for a heatmap of impacted cities).

Globally, the tour bordered on geopolitical. Singapore subsidized Swift’s shows in exchange for Southeast Asian exclusivity, a tactic usually associated with semiconductor fabs. Glendale, Arizona temporarily renamed itself “Swift City,” while its mayor adopted the social media handle “Mayor Swiftie.” Los Angeles added 3,300 jobs during her six-night residency. By the tour’s conclusion, analysts estimated U.S. consumer spending on Swift-related items to be around $5 billion, nearly equal to Vermont’s GDP (see Exhibit 3 for a list of state GDP comparisons).

The Royal Engagement

If the Eras Tour demonstrated that Swift could operate as a one-woman stimulus package, the engagement confirmed that her personal milestones could be monetized as market-moving events.

Brands launched campaigns within hours. Panera offered a “Loaf Story” bundle. Buffalo Wild Wings pledged to cater the wedding. Publix volunteered its cake-baking services. Auntie Anne’s petitioned on X to serve as the flower girl.

Economists speculated that the engagement might create durable macroeconomic effects. Married households traditionally drive higher consumption and housing formation. The Washington Times suggested the nuptials could stabilize Social Security by boosting fertility rates. Etsy bracelet sellers rebranded themselves as “Tayvis bond traders,” creating onion-ring-backed securities and lobbying the Chicago Mercantile Exchange (CME) for futures contracts.

Current Situation

As of the fall of 2025, Swift and Kelce were negotiating the merger of their constituencies: the Swifties and the NFL’s Red Zone. Analysts debated governance structures. Some argued for dual-class shares, with Swift retaining full voting control. Others preferred incorporation as Marriage Prenup, LLC.

The stakes extended far beyond entertainment. Should Taylor Swift Inc. pursue IPO status, apply for IMF membership, or annex Monaco? Could policymakers hedge against “Swiftflation,” the inflationary spikes triggered by surprise album drops and engagements? And perhaps most critically, was there any world in which Taylor Swift was not, in fact, the global economy?

Teaching Questions

1. Should Taylor Swift, Inc. pursue IPO status or remain privately held under Marriage Prenup, LLC?

2. If Swift were a sovereign state, should she apply for IMF membership, join the EU, or annex Monaco outright?

3. How should policymakers hedge against Swiftflation, the inflationary spikes triggered by album drops, engagements, and weddings?

4. Should friendship bracelets be included in CPI or treated as derivatives on the CME?

5. How should Taylor Swift, Inc. plan for succession? Is there a viable heir apparent, or must the global economy accept permanent concentration risk?

Note: While portions of this piece are inspired by real events, other sections are exaggerated or fictionalized for comedic effect. The Harbus does not intend to misattribute any forecasts, statements, or analyses to real individuals, institutions, or organizations. Any resemblance to actual strategic decisions is purely coincidental.

Michelle Yu (MBA '26) is originally from Cresskill, New Jersey. She graduated from Columbia University with a degree in Film and Media Studies and worked for CNBC, NBC News, and CNN prior to HBS, along with projects for HBO, Showtime, Oxygen, and Spectrum. Outside of work, she is a 2x marathon runner, American Songwriting Awards winner, and filmmaker whose work has screened at the Tribeca Film Festival and AMC's Empire Theaters in Times Square.