With a net worth estimated at $1.6 billion, Swift is the most financially successful musician of her generation. And she’s managed to achieve all this during a time when the industry has undergone profound technological and business model shifts, moving from CDs to iTunes to Spotify.
Kevin Evers, senior editor, Harvard Business Review
Takeaways of Note:
4 secrets to Swift’s long-term success…
Targeting Untapped Markets – aimed her music at noncustomers – middle school girls; she had no competition in country music in her early years
Finding Opportunities to Create Stickiness – in the social media era, her personal life is a source of constant speculation—plus it’s the inspiration for her songs… by embedding references to her personal life and intricate “Easter egg” clues in her work, Swift validates and rewards her fans’ devotion
Maintaining Productive Paranoia – Swift rarely shows signs of complacency. In fact, she has expressed a constant fear that her success will eventually come to an end… looking through a strategy lens, at critical moments, Swift has channeled her fear into creative pivots
Adapting to Radical shifts in Platforms – throughout rapid technological change, Swift has refused to be confined… from digital age to streaming