As a concert film, "TAYLOR SWIFT | THE ERAS TOUR" does not have a traditional plot with twists. The "spoilers" pertain to the setlist, the structure of the show, and the specific songs included or excluded from the theatrical cut. The film documents a 44-song setlist, condensed from the full 3.5-hour concert.
The show is divided into ten acts, each representing a different album "era." The order of the eras presented is: Lover, Fearless, evermore, Reputation, Speak Now, Red, folklore, 1989, an acoustic set, and Midnights. Notably, her debut album, Taylor Swift, is only represented in the acoustic set. For the theatrical release, several songs from the regular tour setlist were cut to achieve a sub-three-hour runtime. These cuts included "The Archer" (from Lover), "'Tis the Damn Season" (from evermore), "No Body, No Crime" (from evermore), "Long Live" (from Speak Now), "Wildest Dreams" (from 1989), and "cardigan" (from folklore).
The highly anticipated "surprise song" segment, where Swift performs two different acoustic songs each night, is represented in the film by "Our Song" on guitar and "You're on Your Own, Kid" on piano. The choice of these two songs was significant: "Our Song" provided a nod to her debut album, while "You're on Your Own, Kid" contains the lyric that inspired the fan-led friendship bracelet phenomenon. The film concludes with the Midnights era, ending the entire show with the song "Karma." The extended "(Taylor's Version)" released on Disney+ later restored "cardigan," "The Archer," "Long Live," "Wildest Dreams," and added four more acoustic surprise songs: "I Can See You," "Maroon," "You Are in Love," and "Death by a Thousand Cuts."