Yep. Basically this.
It's all about the production and her charisma IMO.
Which is more than can be said for most people's faves these days.
(although a friend of mine went to see her when she brought the "intimate" leg of her tour to the US, and he said that she was very energetic and interactive with the audience. And 100% live. So a lot of it might have to do with how choreographed the staging is..)