Is Taylor Swift underpaid?

Paul Krugman, The New York Times, 20^th May 2023

Live music is big business.

But why is it such big business? And how has it changed over the long run? […]

In particular, as I’ll explain, the real puzzle here is why Taylor Swift doesn’t make even more money.

[…] Even if you aren’t a fan, you have to admit that she’s the real deal.

Still, there are many talented artists. Why do a few earn so much? There’s a standard economic theory about that, […] modern technology meant that the potential reach of performers was much larger than it had been when live performance was the only way to entertain an audience, so that a musician […] who was, or was perceived to be, even a bit better than his or her rivals could earn large sums by performing on mass media, selling records, and so on.

But on the surface, that’s not what’s happening with Taylor Swift and Beyoncé. They’re making huge sums not mainly from record or streaming royalties but from concert