Bye-bye soda pop firms, good riddance car companies. The biggest backers of music acts in the U.S. are now card brands and major banks, according to a new report from Billboard.
A story about the report from Music Times gives Taylor Swift’s entire tour for her newest album is sponsored by American Express.
“Swift can take solace knowing that her deal will help her sell tickets: Membership-oriented services such as credit cards allow for moderation of presale events, which have already brought in 240,000 ticket sales to American Express customers alone. Swift might not need as much help selling those seats but other performers could use the extra publicity for their tours,” the story noted. “It’s also great for acts to see tickets selling in advance versus in the days leading up to a show, some extra comfort. The relationships between credit card companies and musicians is less about cash payments and more about advance publicity.”
But Amex is not the biggest music backer. That honor goes to Citi, which has deals with “70 acts among 2014’s Top 10 touring performers—including One Direction, Lady Gaga and Katy Perry.”