Swifties and NFL owners are both bummed the Eras Tour is over

Taylor Swift’s record-breaking Eras Tour came to the end of its eras on Sunday. And while Swifties may be more inclined to smile because it happened, NFL owners are definitely crying because it’s over.

Following the green brick road

By the numbers:

• The tour, which ran from March 2023–December 2024, grossed a record ~$2.1 billion.
• The average Eras Tour attendee traveled 338 miles and spent ~$1,600 all-in to attend a single show (comparable to what one might pay to attend the Super Bowl).

Where does this money go? To Swift, obviously. But only after paying for things like labor, transportation, production, staging, promoter fees – and to rent concert venues.

For Swift, hosting shows at smaller venues would be like trying to transport Lake Michigan with a water bottle – the container just isn’t big enough. So large venues, such as Gillette Stadium (Patriots) or SoFi Field (LA Rams/Chargers), are really her only option to bring seating supply a little bit closer to demand.

The Eras Tour held concerts in about a dozen sports team-owned stadiums over the last 18 months. And while specifics vary depending on the venue’s size and location, here are the rough economics for each show, according to Huddle Up ($):

• The average Eras Tour performance generated ~$10 million in ticket sales, vs. $2 million–$3 million to rent the venue.
• Stadium owners also received a cut of concessions and merch sales. When factoring this in, stadiums ended up pocketing between $3 million and $4 million for each show. Swift would typically play anywhere from two nights to six nights in each venue.

This money matters: According to CNBC’s Official 2024 NFL Team Valuations list, the LA Rams are worth $2 billion more than the LA Chargers – despite the teams representing the same city and playing in the same stadium. This is because the Rams wholly own SoFi Stadium, and are thus entitled to all the revenue it generates from non-sports events (like the Eras Tour).

Looking ahead…With a majority of sports media rights deals locked in place for the foreseeable future, franchise owners are increasingly turning to events and real estate development to drive revenue growth. The NBA is a great example.