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In today’s big story, Taylor Swift has a new book coming out, but how she’s doing it might create some bad blood with publishers.
What’s on deck:
But first, the publishers are going to hate, hate, hate.
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The big story
Book publishing (Taylor’s version)
Taylor Swift’s “Eras Tour” returns tonight in Miami, but the megastar’s influence and power were already on display earlier this week.
On Tuesday, Swift announced plans to self-publish “The Eras Tour Book,” a behind-the-scenes look at her record-breaking tour that’ll be released exclusively at Target on Black Friday.
It’s the latest example of the billionaire bucking traditional business norms, writes Business Insider’s Samantha Grindell and Madeline Berg.
From her music to her tour and the accompanying movie, Swift often avoids industries’ typical power players and takes a more do-it-yourself approach. The benefits are twofold: Creative control and more money for herself.
Which is why Swift’s announcement is such a bummer for the publishing industry.
News of a Taylor Swift book should have sent a publisher jumping for joy at the potential revenue. (Rest assured, it will be a bestseller.)
Big stars like Swift are exactly who book publishers are banking on these days. Instead of unknown authors, books by celebrities are viewed as a better bet.
But Swift shaking off publishers to do it herself could inspire other celebrities to follow in her self-publishing footsteps, upending the business. And while few, if any, have such devoted fans, that doesn’t mean they won’t try.
In the meantime, Swift’s tour returns to the US as the economy is on the cusp of nailing its soft landing.
Last time around, Swift helped prop up an economy battling inflation, slow wage growth, and overall bad vibes.
Things are in much better shape now. With one interest-rate cut in the books and more (hopefully) on the way, most experts view the risk of a recession as firmly in the rearview mirror.
But even so, Miami, New Orleans, and Indianapolis — her remaining US tour dates — won’t mind Swift coming to town. The artist’s impact on local economies is eye-popping. The revenue generated for local businesses in Glendale, Arizona, the kickoff location for the tour last year, reportedly rivaled what the Super Bowl brought in.
In total, last year’s 53-show run in the US generated an estimated $4.6 billion in US consumer spending.
All that spending does come with some risks. “Mega-events” like Swift concerts create demand shock among consumers that could push inflation higher, according to UBS. And with a hotter-than-expected September inflation report, we’re not fully out of the woods.
News brief
Top headlines
3 things in markets
- Wall Street is searching for answers in its data. Generative AI can help. Financial firms sit on mountains of data, but it’s not always easily accessible. Wall Street firms are waking up to the power of using generative AI to help them navigate their massive internal databases. From Goldman Sachs to Blackstone, here’s how they are doing it.
- Betting odds favor Trump. Investors are adjusting accordingly. Prediction markets like Polymarket and Kalshi now favor former President Donald Trump winning the election. That’s meant movement across assets investors believe Trump will have a big impact on, like bitcoin, the US dollar, and bank stocks.
- Blackstone isn’t a bank, but it’s sure starting to look like one. Private lending is now the private-equity giant’s largest business by assets, up 22% over the past year. COO Jon Gray said it’s “very early days” for the credit juggernaut.
3 things in tech
- What ASML and TSMC’s roller-coaster earnings can tell us. It’s been a bumpy week for AI, with a downbeat earnings report from ASML followed by blockbuster results from TSMC. Still, the chip boom is far from over; analysts told BI they expect continued AI-chip growth in the short to medium term.
- Be nice to the Tesla bots. The realization that the Optimus robots at Tesla’s “We Robot” event last week were remotely controlled sparked criticism from onlookers. But top Nvidia exec Rev Lebaredian told BI that robots interacting with humans — even with help from engineers — is an “amazing advancement” that shouldn’t be “demeaned.”
- Uber’s “super app” dreams live on. Uber considered making a bid for travel site Expedia, The Financial Times reported this week. The potential deal would bring the company closer to CEO Dara Khosrowshahi’s vision of becoming a one-stop app for transportation and delivery.
3 things in business
- AWS CEO addresses Amazon’s new return-to-office policy. Matt Garman said nine out of 10 employees were “excited” to get back to the office as he explained the reasoning behind the five-day RTO mandate at an all-hands held Thursday. A transcript leaked to BI also shows he said there were days when his team “didn’t really accomplish anything” because of remote work.
- Netflix beat earnings expectations again. The streamer added more than 5 million new subscribers and notched $9.83 billion in quarterly revenue, surpassing analysts’ predictions. Not very long ago, it was reasonable to wonder how Netflix would pay its bills. Not anymore.
- Texas’ economy is on California’s heels. While California still has the highest GDP in the US, Texas is close behind. By wooing big companies and new residents, Texas has supercharged its economic growth — but in doing so, has left some residents fed up and priced out.
What’s happening today
- American Express and other companies report earnings.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.
