The best revenue stream for any business is to upsell their products and Taylor Swift has just taught us a valuable lesson in repackaging the same product and selling it with an added feature each time. The product in question is her international tour – where she generated at least $1 billion!
She is a wise woman who leverages her fan’s loyalty, by giving them what they want – when they want it. She doesn’t leave them without. Just as she is done milking the first round of revenue one way, she adds a feature to resell it on a separate platform and adds a revenue stream, and continues to do so, till she is able to squeeze the last dollar out of it.
By repackaging her world tour concert, with tweaks each time, she managed to generate multiple streams of income, without having to perform more than once!
Here is how she did it: first she generated over $1billion from the international tour alone (record-breaking), then she released a movie version of the concert in theaters, which made more than $250 million – again, setting a record for a concert film. Once that was done she managed to make the movie available to rent through digital stores like Apple TV+ and Amazon Prime Video. Now, after all of her fans have had at least three opportunities to turn their affection for Swift into money in her pocket, she’s making the film available on Disney+ with the latter paying $75 million for streaming rights. That is some pretty good business math right there. Simply put, she managed to resell the same product with minimal effort, and without having to constantly perform.
Now THAT is what we call a SMART businesswoman doing some VERY SMART business.
On to another lesson in life and business.
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