Here are the major waves in business in 2023|@taylorswift13; @UAW; @sama; @SiliconVlyBank|X
From record-setting music tours, box office successes, and historic contracts to crypto and banking meltdowns, this year witnessed business events and trends that will have a significant impact in 2024.
Here are some of the largest business events that made waves in 2023. Let’s start with the lady who reportedly boosted the US economy over the past year.
Girl power
The musical sensation’s Eras Tour grossed over $1 billion this year alone, making it the first tour ever to do so. The Federal Reserve noted in July that the tour also boosted economies countrywide, increasing hotel bookings and concert and travel ticket sales.
With Swift’s tour extending into 2024, she is estimated to generate $2 billion by the time it ends.
That’s not all
- Greta Gerwig directed Barbie crossed $1.34 billion in theater ticket sales worldwide in August.
- Beyonce’s Renaissance World Tour grossed $579 million in 2023.
Summer of strikes
The year 2023 saw more than 353,000 workers walk off their jobs, demanding better pay, making it one of the biggest strike years in recent history, per the Bloomberg Law’s database.
The UAW stood up against the Detroit Big Three—General Motors, Ford Motor and Stellantis—in a historic strike and secured the richest contracts since the 1960s from the auto giants.
Hollywood writers and actors ended their longest-ever strike in November after reaching deals with Netflix, Disney, NBCUniversal, Paramount, etc.
AI in the house
Artificial intelligence (AI) witnessed skyrocketing growth with increased investment in startups. Several tech firms deployed AI in various operations.
Like any evolving tech, AI also had its share of drama. ChatGPT maker OpenAI cofounder Sam Altman was fired and rehired within five days.
Investor enthusiasm for AI was met with concerns from lawmakers, leading to initial steps in AI regulation like President Joe Biden’s executive order and the EU’s AI Act.
Bank, crypto and retail collapses
The collapse of Silicon Valley, Signature and First Republic banks raised concerns about the US regional banking system.
In the world of crypto, FTX founder Sam Bankman-Fried was convicted on seven charges of fraud and conspiracy for stealing billions from customers and investors. The CEO of Binance, the world’s largest cryptocurrency exchange, Changpeng Zhao, stepped down and pleaded guilty to money laundering violations in the US.
Coworking space WeWork filed for bankruptcy, and retailer Bed Bath & Beyond began liquidation and rebranding.