The impressive statistics were reported by Forbes yesterday (May 8), and suggest that the ‘Break My Soul’ singer may have one of the highest-grossing tours of all time by the time she completes the run of live dates.
Estimates are based on the most optimistic assumptions regarding the number of fans purchasing tickets, the high ticket prices and the amount of merchandise sold at each live gig.
As per the report, ‘Renaissance’ could gross between $275 million and $2.4 billion from tickets alone by the time it ends in September. If it were to crack the $2.4 billion mark, it would mean that the tour earned well above the $1.9 billion predictions made for ‘Eras’.
Currently, the average ticket price for Beyoncé’s shows stands at $700 (£554) — something the publication assumes fans are more than willing to pay due to the “pent-up desire” to attend concerts following the COVID-19 pandemic.
The ‘Love On Top’ singer has also reportedly taken a different approach to her merchandise than seen by Swift, which may increase her chances of surpassing the profits made in their respective tours.
As discussed by David Herlihy, a Northeastern University Teaching Professor and Music Industry Program Coordinator, Swift advertises much of her merchandise online and is “likely to sell out 30,000 pieces of merchandise at an average price of $80 per item” at each of her concerts. Beyoncé, on the other hand, offers a lack of online merchandise, which therefore could lead to attendees being more willing to pay increased prices for the garments, which are only available at the shows.
If the predictions prove to be true, ‘Renaissance’ could be Beyoncé’s highest-grossing concert tour, and may even exceed the revenue she has earned from all of her previous concerts combined. Her last tour, 2018’s ‘On The Run II’ was reported to have made $254million (£203million) in gross revenue.
The pop icon announced her highly anticipated UK, Europe and North America tour back in February, in support of her 2022 album of the same name.
When tickets went live earlier this year, the overwhelming demand from fans led to Ticketmaster’s website experiencing glitches, and numerous fans being kicked out of the queue, which reportedly reached 500,000 on some dates.