This summer was bookended by two grand music tours. Taylor Swift’s Eras tour, which stretched across five continents, and the announcement of next year’s Oasis reunion tour of the UK. For most fans, the experience of the first was beyond their wildest dreams. The second has left many looking back in anger. Both provide a fascinating window into modern-day economies and economics.
Music’s contribution to the global economy, at the headline level, looks rather dull. Even in the US and UK, the world’s two largest music exporters, its share of national income is less than 1 per cent. This has nudged up, little by little, since the 1970s. But the aggregate numbers mask sharp shifts in the composition of music’s contribution.
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