'Swift-onomics': When a tsunami of Swifties crashes into Toronto, it will leave an economic boost in its wake | Canada News Media
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‘Swift-onomics’: When a tsunami of Swifties crashes into Toronto, it will leave an economic boost in its wake

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When Abigale Valliere saw Taylor Swift perform 44 songs over the course of four hours in Detroit this summer, her pulse was sky-high.

The experience was “life-changing,” the Toronto resident said, and even though it cost her more than $1,500, she’s ready to pay another $1,000 for a ticket when the Eras tour comes to Toronto in November 2024.

“I’m wealthy for Taylor Swift,” she said. “I would go to all six [shows] if I could.”

Thanks to fans like Valliere, Eras is on track to becoming the world’s first ever billion-dollar tour.

Mega-concerts are transforming the music industry, and this tour in particular is bringing in so much money that world leaders including Prime Minister Justin Trudeau, Budapest Mayor Gergely Karácsony and Chilean President Gabriel Boricand have taken to begging for concerts on social media.

Ticket sales alone estimated at $120 million

“Extraordinary artists elicit extraordinary responses,” said Dean Budnick, editor of Relix, a live music magazine, and co-author of Ticket Masters: The Rise of the Concert Industry and How the Public Got Scalped.

The economic impact that’s rippled through host cities of Swift’s mega-concert is so palpable it’s been dubbed “Swift-onomics” by Bloomberg reporter Augusta Saraiva. So when Swift finally rolls into Toronto, it’s not just her fans with high expectations — it’s local businesses and Canadian economists.

“The hype is real,” said Daniel Tsai, a business professor at the University of Toronto. “There’s going to be a lot of money coming in.”

Ticket sales alone are estimated to reach $120 million across the six nights of entertainment, and then there’s the spin-off effects, which could be as high as $700 million, he said.

Taylor Swift performs onstage for the opening night of her Eras tour at State Farm Stadium in Glendale, Arizona. The city was ceremonially renamed to ‘Swift City, ERAzona’ in March for the event. (Kevin Winter/TAS Rights Management/Getty Images)

Hotels are already doubling the cost of rooms for those nights in November 2024 — with some going for over $900 a day. And if the Rogers Centre opens up the dome, there could be up to 50,000 people on Harbourfront just listening to Taylor Swift for six nights, said Tsai.

“Now we’re talking Super Bowl epic proportions here, even bigger than [the] Super Bowl,” he said.

Mega-concerts, money and marketing

Swift’s two shows in Colorado this summer led to a $186.9-million boost to the state’s GDP for the year, a report by the Common Sense Institute found, and a similar boost was reported in Philadelphia.

Some estimates say her tour could generate $4.6 billion in consumer spending.

“If Taylor Swift was a marketer, she’d have a PhD in it,” said Tsai.

“The fact of the matter is, people are willing to spend big money on the experience of Taylor Swift as opposed to just calling this a concert. So I think what we have here is a generational event where people are saying, ‘You know, I’m not going to worry about the recession or my purse strings and I will spend the big bucks this year,'” he said.

Toronto’s hospitality industry has a lot of preparation to do if it wants to accommodate the hordes of fans that Swift will bring into the city for two weeks, according to Tsai.

November is usually a shoulder season, with the weather getting colder and business slowing down, but 2024 will be a different story for local businesses, hotels and restaurants. They’ll need a significant influx of staff to make it work, he said.

Getting verified and finding codes

In order to purchase a Taylor Swift ticket, you need a code. And in order to receive a code, you need to be registered as a “verified fan.”

When ticket-hopefuls create an account on Ticketmaster, they’re asked to provide a phone number so an automated voice can call and provide them with a one-time code.

According to Budnick, it’s a way to weed out scalpers.

“The goal is to put tickets in the hands of fans,” he said.

But not everyone who registers receives a code. Scoring a ticket is a lengthy, competitive process that has been described by some Swifties as winning a lottery.

 

These Swifties got waitlisted for tickets — but they’re still hopeful

1 day ago

Duration 1:38

 

When Valliere got verified on Ticketmaster in November 2022 to buy tickets for the Detroit concert she attended, she waited eight hours online before finally getting through, only to find out there weren’t any left.

In May, she was randomly sent a code from Ticketmaster saying there were a limited number of previously-held tickets that had just been released, so she immediately bought the first one that was available.

Valliere is still verified and managed to score a code, but her hunt for a Toronto ticket is still on.

 

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A timeline of events in the bread price-fixing scandal

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Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.

Here’s a timeline of key events in the bread price-fixing case.

Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.

Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.

Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.

Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).

Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.

June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.

Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”

Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.

July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.

Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 250 points, U.S. stock markets also higher

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TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.

The S&P/TSX composite index was up 254.62 points at 23,847.22.

In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.

The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.

The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.

The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Construction wraps on indoor supervised site for people who inhale drugs in Vancouver

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VANCOUVER – Supervised injection sites are saving the lives of drug users everyday, but the same support is not being offered to people who inhale illicit drugs, the head of the BC Centre for Excellence in HIV/AIDS says.

Dr. Julio Montaner said the construction of Vancouver’s first indoor supervised site for people who inhale drugs comes as the percentage of people who die from smoking drugs continues to climb.

The location in the Downtown Eastside at the Hope to Health Research and Innovation Centre was unveiled Wednesday after construction was complete, and Montaner said people could start using the specialized rooms in a matter of weeks after final approvals from the city and federal government.

“If we don’t create mechanisms for these individuals to be able to use safely and engage with the medical system, and generate points of entry into the medical system, we will never be able to solve the problem,” he said.

“Now, I’m not here to tell you that we will fix it tomorrow, but denying it or ignoring it, or throw it under the bus, or under the carpet is no way to fix it, so we need to take proactive action.”

Nearly two-thirds of overdose deaths in British Columbia in 2023 came after smoking illicit drugs, yet only 40 per cent of supervised consumption sites in the province offer a safe place to smoke, often outdoors, in a tent.

The centre has been running a supervised injection site for years which sees more than a thousand people monthly and last month resuscitated five people who were overdosing.

The new facilities offer indoor, individual, negative-pressure rooms that allow fresh air to circulate and can clear out smoke in 30 to 60 seconds while users are monitored by trained nurses.

Advocates calling for more supervised inhalation sites have previously said the rules for setting up sites are overly complicated at a time when the province is facing an overdose crisis.

More than 15,000 people have died of overdoses since the public health emergency was declared in B.C. in April 2016.

Kate Salters, a senior researcher at the centre, said they worked with mechanical and chemical engineers to make sure the site is up to code and abidies by the highest standard of occupational health and safety.

“This is just another tool in our tool box to make sure that we’re offering life-saving services to those who are using drugs,” she said.

Montaner acknowledged the process to get the site up and running took “an inordinate amount of time,” but said the centre worked hard to follow all regulations.

“We feel that doing this right, with appropriate scientific background, in a medically supervised environment, etc, etc, allows us to derive the data that ultimately will be sufficiently convincing for not just our leaders, but also the leaders across the country and across the world, to embrace the strategies that we are trying to develop.” he said.

Montaner said building the facility was possible thanks to a single $4-million donation from a longtime supporter.

Construction finished with less than a week before the launch of the next provincial election campaign and within a year of the next federal election.

Montaner said he is concerned about “some of the things that have been said publicly by some of the political leaders in the province and in the country.”

“We want to bring awareness to the people that this is a serious undertaking. This is a very massive investment, and we need to protect it for the benefit of people who are unfortunately drug dependent.” he said.

This report by The Canadian Press was first published Sept. 18, 2024.

The Canadian Press. All rights reserved.

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