Time magazine has named Taylor Swift its "Person of the Year" following her massive "The Eras Tour" success. The magazine also named OpenAI CEO Sam Altman as its "CEO of the Year." As TIME CEO Jessica Sibley explains to Yahoo Finance Live, the decision wasn't difficult. "I look at her as a business leader and a CEO of her own brand, and the results that she's driven are just unbelievable. Her Eras concert drove $5 billion in revenue. She's driven GDP of the US economy to $4 billion. Just in one week, in L.A., her concert drove $300 million to the local economy and created 3,000 new jobs... I could keep going on with these stats. Really, there wasn't any other choice this year, in my opinion, than Taylor Swift," Sibley says.

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Video Transcript

BRAD SMITH: This year, "Time" is recognizing the woman who took the world by storm on stage, online, and in football stadiums even, Taylor Swift. And joining us now with the reason behind this choice, we've got the CEO of "Time", Jessica Sibley. Jessica, always great to grab some time with you here on the day. Walk us into the decision here. What was the conversation like internally that ultimately netted out Taylor Swift as the "Time" Person of the Year?

JESSICA SIBLEY: Well, Brad, I think you said it best. I mean, what a great choice this year. Our editor spent all year talking about this. It's the topic of probably every cocktail conversation. And we're just so excited. I think the world is overjoyed with what Taylor has done this year, bringing hope, bringing community, collaboration, and everything that she represents. We're really excited with our choice. And we're celebrating here at the opening bell at the New York Stock Exchange.

DIANE KING HALL: Jessica, so I actually wasn't surprised by this choice. I thought it would be Taylor. I'm not a Swiftie for the record. I'm not anti. For all the Swifties, don't come for me right now. But she beat out some other key players. One person who I saw that was high on the list, who I got another recognition, Sam Altman. How did Taylor outstrip Sam Altman. And you had many other, the "Barbie" moment as well. How did she do it?

JESSICA SIBLEY: Well, I mean, Taylor is so unique and remarkable what she's done, not only as a performer as a songwriter, as an artist. I look at her as a business leader and a CEO of her own brand. And the results that she's driven are just unbelievable.

You know, her Eras concert drove $5 billion in revenue. She's driven GDP of the US economy to $4 billion. Just in one week in LA, her concert drove $300 million to the local economy and created 3,000 new jobs. When you talk about her friendship bracelets, craft sales in the United States went up 500%. And, of course, talk about the NFL and Travis Kelce, his jersey sales went up 400%.