The economy is a confusing jumble of various factors. A Bull Market on Wall Street, trade between countries, and tourism are all signs of a robust economy. Now, we have to add pop culture into the mix. Today, pop culture – films, superstar artists, literature, music, and whatever up-and-coming cultural phenomenon is – has a serious impact on individuals as well as the growth of a nation.
Culture influences the way we view the world. Ireland has Joyce, England brought us Shakespeare, Austria will always be identified with Mozart, and Jamaica gave us the brilliant Bob Marley. America’s given birth to many artists, and the biggest star of all these days is Taylor Swift.
Let’s not just stick to Music and Literature. Movies can also profoundly affect us. Jaws made people afraid of the ocean. Top Gun catapulted aviator sunglasses into the stratosphere. Harry Potter and friends forged a brand-new subculture. Everyone wanted a DeLorean after watching Back ToThe Future. And at this very moment, the world is bright pink, thanks to Barbie.
Both Director, Greta Gerwig's Barbie and Taylor Swift’s The Eras Tour have been the talk of the month. We’re not here to review the movie or discuss Taylor Swift’s setlist. We all know how great Tay-Tay is and we’re all astounded by the jaw-dropping box office returns for Greta Gerwig’s film. We’re here to talk about the enormous impact Ms. T and Ms. B are having on our economy.
Let’s break it down…
Merch & Retail
Created in 1959 by the Mattel Toy Company, Barbie’s been a big seller ever since she slipped into her first zebra-striped swimsuit. But time does take its toll, and recent sales have dropped...a situation that the film has reversed. Business Insider reports that Barbie’s racked up “$282.7 million in gross billings in the three months to 30th June 2023.” And that’s just for the actual doll. Add in frivolities like pink outfits, accessories, and make-up, and you’re talking even bigger Barbie bucks.
The doll’s manufacturer is as surprised as some of us in the audience were. "The success of the Barbie movie is a milestone moment for Mattel and it really is a showcase for the cultural resonance of the brand...As we've seen, the success is far beyond the film." said COO Richard Dickson.
Taylor Swift can talk merch, too. Her fans –“Swifties” – are known to spend hours in line just to secure a hoodie or a T to wear to her next concert. (That’s if they can snag a super-difficult-to-find ticket.) Unfortunately, the clothing isn’t particularly durable. “After one wash, the print was horribly faded to the point that Taylor’s face was unrecognizable," says Emilia. She waited for over five hours to buy her gray quarter-zip sweatshirt at the tour’s Las Vegas stop.
It doesn’t seem to bother Swift’s fans, who keep right on spending.
Ticket Sales
Taylor Swift’s album sales have reached $37.3 million in the United States alone. But even more astounding is the intense profitability of The Eras tour. Demand to see her live was so strong Ticketmaster crashed in more than one country when the tour was announced. Ms. Swift’s extravaganza will be the first tour in history to cross the billion-dollar mark: 1.4 billion is the estimated amount. According to Pollstar, that billion-four is only counting tickets sold at face value. “The actual amount of money being spent on the Swift tour by consumers is far, far higher, with nearly all resold tickets going on the secondary market for several times their original value. Pollstar’s figures cover only the face value of the tickets, which topped out under $500.” The tour is bringing in so much money that Swift turned off the “platinum pricing” feature on Ticketmaster and gave bonuses totaling over $55 million to everyone working on her shows. Way to go, Tay!
Since opening on July 21, Barbie has grossed $1+ BILLION bucks globally, according to Forbes.
Add Swift’s ticket sales to Ms. B.’s, and you wind up with approximately $2.175 billion. Subtract the bonuses Taylor handed out and we’re left with $2.120 billion — a lot of taxable zeros pumping up the economy. Don’t forget the money spent on transportation, accommodation, and other tour-related matters.
Employment, Manufacturing, and Entrepreneurship
Both Barbie and Taylor Swift have bolstered all of the above. Dolls need to be manufactured. Their outfits need to be sewn. A music concert – especially on a Swiftian level – requires hundreds of people to make it happen. Musicians. Back-up singers. Dancers. Set designers. Roadies. Vendors to sell the t-shirts & hoodies & posters. Etcetera, etcetera, ad infinitum.
Two women – one real, one not – have given the economy a huge shot of adrenaline. Not only that. They’re shattering records and providing the world yet one more example of mighty women driving the world's economy.
Let’s see Ken do that.
We’ve all heard it before. Takeaway is way more tempting than cooking at home night after night after night. But although ordering-in might save you precious time, at the end of the day I’ll bet your wallet takes the hit.
Everyone on the planet resorts to takeout after a long day's work — and I’m no exception. After a day slouched at my desk tapping on laptop, hopping on and off Zoom calls, I deserve a big fat burrito — extra guac and cheese, please. But it’s never worth the price, and with taxes, app payout, delivery fees & tip, it all adds up.
Plus, I often wonder d how much delivery drivers actually get out of my bill? Do the extra $ that I pay for delivery actually reach the drivers alone?
The Washington Post recently conducted an experiment to discover what percentage of the total tab goes to drivers. The Post looked at a variety of food delivery apps vs. restaurant pickup to see how they compare. The exact same order was placed — here are a few of their findings:
Screenshot from The Washington Post article
Disclaimer: “As tips can vary customer-to-customer — from the size of the tip to giving a percentage versus a flat dollar amount — The Post initially removed them to compare the cost of the transactions better. When added in later, they significantly impact driver pay.” — The Washington Post
Driver payout is very close to the estimated app payout, which is a bit unexpected. I imagined that the drivers would receive at least 5-10% of the total and earn a livable wage. But I now see that isn’t it at all…
“Is this money going to the restaurant? Is this money going to the driver? Is this money going to the firm? It’s all so opaque…Customers have been really frustrated when they look at their receipts.” said Veena Dubal, an employment law professor at the University of California College of the Law, San Francisco.
Then suddenly, restaurant owners decided that their prices would vary depending on which platform a customer came through. What-why? Because the apps charge sooo much in commission?
I’m super annoyed that the price of my favorite burger and fries keeps rising. And rising. And rising. People blamed inflation, then it was the fact that people should earn a minimum wage — clearly the drivers weren’t — and now it’s the app commission?
“If the delivery companies didn’t exist, customers would go back to ordering straight from me over the phone or from my website, and I would actually be able to make money on the orders again,” said Artesano owner Douglas Mathieux, 54.
We keep talking about how much restaurants lose, but what about the drivers? They’re the ones who spend hours driving through terrible weather — who would leave their house in the rain, am I right?
Based on The Washington Post study, drivers' pay is usually calculated based on time and mileage. I highly doubt that this includes the time drivers waste waiting for the bag ‘o grub to be ready. Most apps handle only one order at a time, that way drivers know precisely how much they make. But some apps batch orders together, making it tough to grasp exactly what they earn.
But things are changing… New York was the first city to pass a new bill establishing a minimum wage for anyone who drives or bikes food orders throughout the five boroughs. The law goes into effect on July 12th. Wages will increase to $17.96 per hour (plus tips) with a further boost to $19.96 an hour by April 1, 2025.
New York City Mayor Eric Adams explained on the Gothamist site. “The ones that bring you pizza in the snow and Thai food you like in the rain. This new minimum pay rate will guarantee that these workers and their families can earn a living. They should not be delivering food to your household if they can’t put food on the plate in their household.”
Eric Adams added, “When the rate takes full effect, workers will make three times (my emphasis) as much as they do now. I am proud that our city has fulfilled its promise to provide more stability and protections for 60,000 workers and get them a dignified pay rate.”
Once the New York establish this legendary pay hike, hopefully, this can spread to other cities. And that way restaurants can still receive orders from the app, drivers earn a fair wage, and I get my big fat ooey-gooey burrito. Restaurant owners are happy. The drivers are happy. And I’m thrilled. Boom!
I’m soooo good at saving money in the winter … because I don’t do anything or go anywhere. When it’s cold — and heaven forbid raining or snowing! — I am a master of staying home, cooking cozy soups at home, and watching the number in my savings accounts grow.
But when the sun comes out, the days get longer, and my seasonal depression fades, I emerge from my cocoon of comfort and conscientious spending and throw money at everything. Suddenly, my coffees at home are replaced by Hot Girl Walks to get fancy (read: expensive) iced lattes. My weekends are filled with activities and adventures that all cost money. And it seems like just stepping outside to enjoy the sun turns into a money-draining venture.
A month into summer I always get a shock when I finally look at my bank account. How could I have hemorrhaged so much money?
Talking to my friends, it turns out we all experience the same phenomenon. On the one hand, this helped melt away some of the guilt and shame at my spending habits. Instead of feeling anxious and paralyzed about my spending, talking it out made me realize my summer spending is normal. Then, relieved of the burden of that self-flagellation, I was able to actually address it.
The key part of taking control of your finances: not feeling bad about your spending. You’re an adult. You can make decisions. The trick is making sure your decisions are aligned with your overall goals, not just forgettable whims that come at the expense of your goals.
In conversations with my friends, we realized we all like spending money in the summer. Summer activities don’t feel right without a beverage, and getting together with friends outdoors is important to us.
But there has to be a way to enjoy some money without draining your bank accounts.
After a combination of reflection and research, I’ve come to the conclusion that saving money in the summer doesn’t have to be a chore. In fact, by being more intentional about your money, you can actually end up being more intentional about your time — and having a better summer than ever.
How to save money in the summerPhoto by Eric Nopanen on Unsplash
Sounds too good to be true? It’s not. The secret is getting clear on your values and spending your money only on your very top-tier experiences, then saving the rest of your money instead of throwing it away mindlessly. Here’s how:
Get super clear on what you actually want to spend your money on
A good summer looks different for everyone. You could dream of festivals every weekend, an Italian vacation, or days in the backyard with your friends.
Get really specific on how you want to spend your summer. What do you want to do? Who do you want to see? Make a vision board to really get clear on your dream summer — and feel free to dream big. Then, ask yourself how much the big things cost. That festival ticket or round-trip flight to Europe has a sticker price. Once you know what it is, you can start saving for it.
Pay yourself first
Take the pain out of saving by automating your savings. If you know how much money you need for your big expenses, split that into weekly or bi-weekly “payments” you make to yourself and automate them into a savings account. This way, you don’t have to manually take the money out of your checking account. Save yourself the pain by setting and forgetting your savings.
Triage your priorities to see what you can save money on
As you work towards your big goals, you don’t have to give up on everything to fund your big-ticket items. Triage your common money-spending habits into three categories: your must-haves, your like-to haves, and then the things you don’t need.
While you automate your big savings goals, enjoy your “like-to haves” and give up on the mindless spending that doesn’t matter to you.
For example, let’s say you really love your summer beverages — from your coffee walks to your rooftop cocktails. Conventional finance wisdom might tell you to skip out on that little luxury. However, if they really make a difference in your mood, keep them and triage something else.
For me, summer means spending way more on eating out — so I try to make my home grocery budget stretch as much as possible. I also shop less in the summer — my uniform of a tank and jeans hasn’t served me wrong so far. While in the colder months, dressing up helps motivate me to go out, in the summer, I don’t need extra motivation. I throw on my simplest fits and go out into the world. Instead of buying a new hoodie, I put that money towards my summer fund.
Take advantage of sales
Whatever you do buy, try to buy on sale. Summer is full of holidays and sales where you can get great deals on things you were going to buy anyway. Don’t get suckered into buying things you don’t need. Take advantage of everything from Memorial Day to Independence Day to get great deals on necessities.
Get creative about summer activities
Okay, what if you’re in the midst of summer and looking for a way to drastically cut down your spending? Start brainstorming new and creative. I often find myself looking for things to do with friends and spending absurd amounts on cover charges at bars or bottomless brunch.
While a night out and a morning of mimosas are fun every once in a while, they can easily become the default activities — which is a sure way to watch your savings plummet. Get creative with group gatherings. Have a picnic. Host a dinner party. Go to a gallery opening (they always have free wine — score!). Find free events in your city. With a little research, you can step out of your comfort zone and end up having a blast.
Track your spending
Stay with me here. It may sound boring, but one of the best ways to prevent that feeling of dread when you check your bank account … is to know what you’re in for. By regularly checking on your spending, you can make small adjustments to your habits before they derail and drain your bank account.
And it doesn’t have to be complicated! We live in the digital age! Many new apps do all the work for you — just connect your accounts, and it will tell you exactly what you’re spending. By facing your money head-on, you can actually do something about it. And set yourself up for a fun — and financially secure — summer.
- 6 Things People Spend Too Much Money On ›
- How to Find Cheap and Even Free Travel By Travel Hacking ›
- How to Save $300 a Month Without Sacrificing What You Care About ›
- How to Plan Your Dream Vacation ›
- How Sinking Funds Can Help You Save For Gift Season ›
- 5 Easy Steps to a Summer Budget ›
- How to Save Money On Travel This Summer ›
It’s an AI invasion, and everyone’s wondering if they’re going to lose their job to robots.
Writers are on strike as execs threaten to replace writers' rooms with ChatGPT. There’s an explosion of think pieces (written by humans, for now) about which jobs are — or should be — replaceable by AI. Plummeting budgets and massive layoffs make AI look like a gold mine to corporations.
All this is quite harrowing. Like, I get it that industries must evolve and innovation is the future. But back when sci-fi was actually fiction, we conceived a future assisted by robots. But we certainly never imagines them hijacking visual art and creative jobs and pushing workers out of the few jobs people actually like.
But amidst news of publishers — looking at you, Buzzfeed — shifting to AI-generated content that attempts to imitate BIPOC voices! How about hiring BIPOC writers!?!? … yikes. And then there are brands launching AI-generated campaigns instead of hiring creative directors and models. Is there a silver lining?
For some people, AI can still work the way we originally pictured it — helping us get through the tedious, mind-numbing work so we can focus on the real stuff.
AI can summarize documents, transcribe meetings, and even — as some Gen Z TikTokers are preaching — help you apply for jobs.
With so many layoffs behind us across all industries, and more to coming, many are polishing their resumes and writing cover letter after cover letter to secure a new position.
But some Gen Z creators on TikTok are saying — whether or not AI is taking your job — let AI take control of your job search.
Creator Gabrielle Judge — aka the Anti-work Girlboss — says: “The future of work is here, and it looks like ChatGPT is the one to beat. So, if you don't want to be replaced, it's time to start brushing up your skills. Otherwise, you're going to be a part of the past, and ChatGPT will be the future.”
She teaches employees how to leverage tools like AI to help them in their jobs and their job search rather than succumbing to the future. Some may balk at this approach. The “work for the sake of working” ethic that permeates so much of American hustle culture implies this is lazy. But I say, work smarter, not harder.
@gabrielle_judge This program combines AI and your unique strengths to save time on finding a new role! You get to land a safer higher paying job quicker! #jobhunting2022 #resumetipsandtrick #interviewpreparation #resumewriterservice #coverlettertemplate #rageapply
A job search is a job in itself. By using AI to automate the process, you can increase your chances of landing a role. AI can help you to apply to a hundred jobs in a day. Why not take advantage of this?
Gen Z embraces revolutionary work trends such as quiet quitting, bare minimum Mondays — now this. With the AI invasion, the challenge is identifying what should be replaced by AI — like, the boring, inefficient stuff — and what tasks we should still do ourselves (like screenwriting and working for diversity).
Want to get better at your job or nab a new one entirely? Here are some tips to leverage AI:
Photo by Marvin Meyer on Unsplash
If you’re using it for work — get clear on the rules and restrictions
I like to think AI couldn’t write this article. And although writers are being jettisoned — thanks to AI — other business are blending AI optimization and human creativity. For example, when you have writer's block or want to spitball on headline ideas, AI can be your brainstorming buddy
However, before incorporating adopting AI at work, ask about your workplace policies. You probably don’t want to be copy-pasting full paragraphs from ChatGPT — but there are ways to sensibly incorporate it into your process.
Research AI-enabled tools
From transcribing meetings to calendaring and scheduling, AI-enabled tools are emerging for industry after industry. Video editors can easily and seamlessly edit clips with the help of AI plugins. Anyone who has suffered through endless meetings can use it to take notes. And there are dozens more apps for specific applications.
By mastering AI tools, you can take advantage of a quicker creative process without worrying about being replaced. It’s like the end of Charlie and the Chocolate Factory, where Charlie’s father gets a job fixing the machine that supplanted him. Learn to leverage AI tools and give yourself an edge.
Remember to think outside the box
By definition, AI is the box. Despite the efforts of clueless corporations, AI doesn’t consider diverse perspectives or out-of-the-box ideas. Also, many AI-enabled search engines lack up-to-date information. If you query “quiet luxury,” would Sofia Richie or Succession pop up? Would it mention capitalism and racism? AI is great for mechanics, but not for simulating human things like empathy.
Keywords: AI Invasion *, AI-enabled tools, AI, ChatGPT, Gabrielle Judge, Gen Z
