Taylor Swift, Beyonce, and 'Barbenheimer' may boost US GDP by $8.5 billion

• Amid lingering recession fears, the US economy is getting some support from unexpected quarters - the entertainment industry.
• Taylor Swift, Beyoncé, and the "Barbenheimer" phenomenon have given a sizable boost to consumer spending this year.
• Collectively, they may add an impressive $8.5 billion to the US economy in the third quarter, per Bloomberg.

The US economy is getting a sizable boost this year from some of the biggest names in the entertainment industry.

High-profile concert tours by Taylor Swift and Beyoncé, along with the twin-movie phenomenon that's come to be known as 'Barbenheimer', are projected to add $8.5 billion to US output in the third quarter, according to Bloomberg Economics. That amount dwarfs the GDPs of 35 countries - including Montenegro and Barbados.

Revenue from the two chart-topping musicians' concerts may add $5.4 billion to US GDP, while the hit movies Barbie and Oppenheimer are predicted to bring in about $3.1 billion from consumer spending and global ticket sales, according to the outlet.

That could add 0.5 percentage points to national output for the June to September period, according to Bloomberg economists Anna Wong and Eliza Winger.

Swift has made waves with her highly successful Eras Tour that's included dozens of shows across 17 states - even catching the attention of the Federal Reserve.

Swift fans, or 'Swifties', attending the concerts have helped boost hotel revenues, while the 'Anti-Hero' singer has doled out over $55 million in bonuses to staff in total.

Meanwhile, the huge successes of the movies Barbie and Oppenheimer, both released on the same day in July, not only breathed new life into movie theaters that had been struggling in the aftermath of the pandemic, but has also driven wider consumer spending on entertainment.

The Bloomberg economists warn, however, that the Hollywood boost for the economy may be short-lived.

Neither Beyonce nor Swift have any concerts planned in the US in the last quarter of the year, and the economists described the success of 'Barbenheimer' as a "once-in-a-blue moon" event.

"A large chunk of that strength comes from temporary factors," they wrote in the note. "These factors create a mirage of resilient consumption, when in fact it's running out of steam."