November 20, 2011 7:37 PM

Taylor Swift: A young singer's meteoric rise

Scott Borchetta: You don't have artists walking out of one of the biggest record companies and saying, 'You know what, I don't think I need another year of development, I'm gonna go.' Alright.

Lesley Stahl: She did it though.

Scott Borchetta: She absolutely did it, at 14.

Borchetta heard Taylor, liked her songs, and offered to sign her as his first artist on a new label he was starting. She took the risk and it paid off.

Borchetta: As of this week "Speak Now" has sold five million copies worldwide.

"Speak Now" is her third multiplatinum album and she's been on a worldwide, 76-city tour to promote it. The show is an extravaganza with aerialists and fireworks onstage. And frantic darting about below: as Taylor runs in and out of quick change rooms and braces herself inside this glass contraption, preparing to be tossed in the air.

Taylor Swift: I'm praying that I'm not going to break my leg. I'm like, 'Dear god, I'm very clumsy. I'm not a gymnast, I'm not graceful. Please don't let me break my leg.' That's what's going on.

Like big-time musicians today, Taylor makes a bundle on her tours. She's become a brand, with merch, as they say, like T-shirts and show programs. Product endorsements, like for Cover Girl. She even owns her own buses.

Lesley Stahl: Taylor Swift is big, big business.

Scott Borchetta: Yes, she is.

Lesley Stahl: I've seen figures.

Scott Borchetta: They're big.

Lesley Stahl: $100 million to $120 million, just on this tour.

Scott Borchetta: I've seen those figures.

Lesley Stahl: That's like a major corporation.

Scott Borchetta: Taylor Swift is a major corporation

And who's at the helm? Look who we found running the management meeting.

[Taylor Swift: It's like they messed with the color.]

Or...

[Taylor Swift: It was bluer in that other edit, and this one is a little warmer, but it's not where it was in the original.]

Unlike other stars of her caliber who sign up with management companies, Taylor created her own. As CEO she manages herself!

[Taylor Swift: It's fine, just cause it's subtle...]

But it's Taylor's way of tirelessly courting her fans that may be the key to her success. Remarkably, she spends an hour before every show, meeting and greeting and charming.



© 2011 CBS Interactive Inc. All Rights Reserved.
9 Comments +
Now on your iPhone®, iPad® & iPod touch® Get it now »
"60 Minutes Sports" on SHOWTIME. Order Now! Order Now »
60 Minutes on Facebook

  • 48 Hours iPad App

    Big changes for the 2012-2013 season! Watch the current week's episode for FREE up to a week after it airs or subscribe for access to all shows, classic episodes and more!