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Rival and older social media companies, including YouTube and Instagram owner Meta, launched their short-form offerings in 2021. Joseph Teasdale, head of tech at Enders Analysis, said that because of the threat from TikTok, YouTube was “pushing Shorts in front of its billions of users, even at the expense of ad revenue. It’s a defensive move.”

Tom Harrington of Enders Analysis, a research firm, likens the approach to Amazon’s strategy in retail. The company began by selling its own products, before opening its marketplace to other traders. These days two-thirds of sales on Amazon.com are made by third parties, with Amazon taking a commission—a much higher-margin business than selling its own wares. Its aim is to be the same kind of “landlord” in video, believes Mr Harrington.

Karen Egan, analyst at research group Enders Analysis, said companies opting for identical price rises was “not an example of tacit collusion but rather the copying of a good idea” because none “wants to stand out as having higher increases, yet it is incredibly difficult to make slightly lower increases a point of differentiation”.

Still, the impact of the inflation plus 3.9 per cent model on operators’ performance is likely to remain marginal in the long term.

Enders Analysis forecasts that UK mobile operators’ revenue growth will slow from 7.5 per cent in the three months to June 2023 to 6 per cent over the full year and 3 per cent in 2024, with some customers set to re-sign at lower prices once contracts expire.

The 2019-22 Premier League rights contracts with Sky, BT and Amazon — worth around £5bn — were rolled over to 2025 during the pandemic, meaning this will be the first competitive domestic auction since 2018.

However, analysts have warned there is a risk of a drop in values thanks to the pressure on broadcasters. The total value of European football media rights has already stagnated, according to analysts at Enders.

“If post-Covid inflation was factored in, we estimate that the value would be down 17 per cent on 2018-19 by 2023-24 in real terms,” they said, pointing to the competitiveness of the broadcasting market “where all indications point downwards consistent with the tepid consumer market”.

There’s also the timing: The tour has become the perfect outing for concert-goers itching for a post-pandemic live music immersive experience. “We are in an experience economy where people crave going out and participating in social events,” says Alice Enders, a music industry analyst at Enders Analysis and a former senior economist at the World Trade Organization. “It's no surprise that people are flocking to this Eras Tour experience in what is increasingly an otherwise digital environment we live in.”

Fans are even clamoring to get their hands on physical copies of Swift’s music. “Streaming has taken over the purchase of the physical album product, but Taylor Swift is among the artists that still makes money from vinyl and CDs because they’ve become collector's items for her fans,” says Enders.