Taylor Swift's Cincinnati concerts create a $1M windfall for city budget

Taylor Swift's concerts in Cincinnati this past summer were not only a hit with fans, but they also brought in a significant boost to the city's operating budget. The two concerts generated an estimated $48 million in ticket sales and $92 million in local spending.

Additionally, they contributed nearly $1 million in ticket tax revenue. In total, concerts held from April 1 to Sept. 30 of 2023 brought in around $1.4 million in ticket tax revenue, with Taylor Swift's concerts alone accounting for $988,000 of that total. This is a stark contrast to 2022 when concerts only generated $59,000 in admissions tax revenue. The increase in revenue from concerts in 2023 has provided a much-needed "Love Story" for the city's budget. Cincinnati City Councilman Seth Walsh believes that the vitality of downtown Cincinnati is crucial for the city's growth and budget.

With the convention center going offline next year, it is important to find creative ways to attract events like Taylor Swift concerts, the Cincinnati Music Fest, and sporting events such as the Reds and FC Cincinnati. These events not only make downtown vibrant but also support small businesses in the urban core.

Although Walsh admits that he is not personally a Taylor Swift fan, his staff certainly is. They have tried to teach him her songs in the past, but he confesses that he still can't name one. However, he is open to giving it another try after seeing the positive impact her concerts had on the city's budget.

The city of Cincinnati imposes a 3% tax on ticket sales for concerts and professional sports games within its boundaries. This tax has not only been boosted by Taylor Swift's concerts but also by the Cincinnati Reds games and FC Cincinnati games.

In 2023, the tax revenue from Reds games increased from $1. 6 million in 2022 to $2 million, while the revenue from FC Cincinnati games rose from $400,000 to $507,000. It is important to note that the data provided only covers ticket sales until Sept. 30, so it does not include the full FC Cincinnati season or the Cincinnati Bengals' games after that date.

However, even with this incomplete data, it is evident that these events have had a significant positive impact on the city's budget and economic growth.