Few, if any at all, would deny that Taylor Swift is an amazing songwriter and singer. Her many accomplishments in music are a testimony to her talent, skills, and caliber. I confess, her music also makes me tap my toes and sway my hips.
Few, if any at all, would agree that she is also an astute businessperson. And that would be a mistake. Lately, Taylor Swift has proved that her business acumen matches, if not exceed, her musical talents.
Intrigued by her recent business moves, I decided to learn more about her. Based on what I have ascertained so far, I am not disappointed. In fact, highly impressed!
I will briefly discuss two of her recent business moves that made news and my analysis:
1. Protest the policies of Apple Inc.
On June 21, 2015, she posted an open letter, alerting Apple Inc. that she will be withholding her album, 1989, from Apple Music, the company’s music streaming service. She took this step to protest Apple’s policy of not paying the artists during the initial 3-month period during which subscribers can try the service for free.
Shortly after the letter was published, Apple conceded and agreed to reverse its policies and pay the artists during a subscriber’s free trial period.
Analysis: Initially, I only read this news cursorily. A few weeks later, digging deeper, I discovered that she withheld her music to champion the cause of young artists who may have published only one or two albums and were yet to attain any modicum of financial security. These fledgling artists were also likely in debt and needed income to repay their obligations. The letter highlighted the inner feelings of all such artists and requested Apple to reconsider its policy.
The letter was well crafted, respectful, and non-threatening. It was also a very gutsy move because she published the letter, without consulting her team, which was in the midst of negotiating the matter with Apple but not making much headway.
The deft handling of the matter is a testimony to her ingenuity. Besides, it authenticates her caring attitude and her desire to help young and upcoming artists. Very laudable indeed!
2. Combating counterfeiters in China
On or around July 21st, 2015, The Wall Street Journal (WSJ) published an article titled, “Taylor Swift Counters Knockoffs in China.” This article sparked my interest in learning more about Taylor Swift – the businessperson, not the musician.
WSJ explains that as Taylor Swift’s popularity explodes in China, counterfeiters have begun profiting by selling goods branded with her name. To thwart the peddlers of such unauthorized goods, Taylor Swift is planning to launch a line of clothing, with her brand, on two of China’s biggest e-commerce platforms. According to WSJ, “Her strategy is to use her star status to get them to stop selling products that don’t have rights to use her name….”
Analysis: China’s intellectual property laws are rather archaic and not designed to protect a celebrity’s trademark rights. It will be a tough battle for sure. Whether she can succeed in stopping the counterfeiters in their tracks is hard to predict.
Her strategy of selling goods in China, licensed to use her brand, will certainly be accretive to her income but may not deter the counterfeiters. Authorized and unauthorized goods are likely to coexist since they will cater to different segments of the market. Any success in prosecuting the counterfeiters will require deployment of multiple strategies, with no guarantees that any strategy will be effective. If she succeeds in this battle, it will be yet another proof that she is made of sterner stuff
What Drives Taylor Swift?
On her official website, Taylor Swift shares some of her personal philosophy. It is quite an interesting read and provides an insight into her thought process. A few things that appealed to me:
- She is not afraid of change (“all I ever do is change”);
- She learns from her mistakes and tries to never repeat the same mistakes;
- She listens to her intuitions;
- She recognizes that life constantly presents new challenges (“we are never out of the woods, because we are always going to be fighting for something“);
- People can’t drive her crazy (“I’ve learned how to shake things off”).
My Impressions of Taylor Swift (if you care to know!)
Taylor Swift certainly comes across as very driven, very committed, and a very bold person. She knows what she wants to be remembered for and strives tirelessly to attain her goals. She also appears to be very conscientious and empathetic.
While early to reach any conclusions assertively, her recent business moves indicate that she also has sharp business acumen.
She has definitely made a name for herself in the world of music. And evidently, she is swiftly making a mark in the world of business.
Business is Strategy. Play Well.
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The (Not-So) Fine Print:
About me: I am tax and business strategist. When either strategy is astutely applied, individuals and businesses can benefit tremendously. My focus is on combining business and tax strategies to obtain potent results for my clients. The selection process of clients is rigorous, with an intake of less than 5% of prospects desirous of availing my services.
About my articles: My articles do not make for easy reading because they are written to make the reader pause and think. In writing, my goal is not merely to inform but provide a perspective; not teach but educate; and not to dispense advice but lay the groundwork for fertile exchange of ideas and opinions. I will mostly write on Business Strategies (tag line: Business is Strategy. Play Well.), and on Personal Development (Life is Precious. Live Well.). Most of my posts will focus on these areas, but occasionally, I may wander just for a change of pace. While I cannot be certain that you will enjoy my articles, I can guarantee that I will express my mind fearlessly, without being restrained by social, political, religious, or professional norms that seem inane to me. And while I am not expecting you to agree with my views, I hope I am able to provide a different perspective. I would love to know if I am succeeding in these objectives. Your comments below will be highly appreciated.
Photo Credits:
Photograph of Taylor Swift is a Creative Commons Image.
Attribution: Eva Rinaldi from Sydney, Australia (Uploaded by russavia)
URL: https://commons.wikimedia.org/wiki/File%3ATaylor_Swift_(6966856689).jpg
License Rights: https://commons.wikimedia.org/wiki/Commons:Reusing_content_outside_Wikimedia