Taylor Swift’s “The Eras Tour 2024” Concert Boosts Economy in Singapore
Singapore has officially become the only country in Southeast Asia to be visited by the “Taylor Swift: The Eras Tour 2024” concert. The American singer will hold concerts for six days in the Lion City, on March 2, 3, 4, 7, 8, and 9, 2024.
Thanks to the concert by the singer of “All Too Well”, the neighboring country of Indonesia has experienced a 10 percent increase in hotel bookings with an estimated significant economic impact. Taylor Swift is expected to bring in profits ranging from US$260.3 million to US$371.9 million or around Rp4.09 trillion to Rp5.84 trillion (assuming an exchange rate of Rp15,715/US$).
Indirectly, Taylor Swift not only attracts tourists to attend her music concert but also boosts Singapore’s economy by visiting other economic sectors such as restaurants, shopping centers, and tourist destinations. This plays a role in Singapore’s economic development.
It is known that the 34-year-old singer has fans from almost all over the world, including neighboring countries of Singapore. Therefore, it is not surprising that Singapore Airlines and Scoot experienced an increase in bookings.
Not only airlines, but the hospitality industry also received unexpected blessings by offering various promotions. For example, Hilton partnered with Kallang Alive Sport Management to offer an exclusive experience that enhances Singapore’s status as a primary entertainment destination.
Singapore experienced a 115% increase in the number of visitors from 6.3 million in 2022 to 13.6 million in 2023. This figure met the Singapore Tourism Board’s (STB) estimate of between 12 million and 14 million visitors in 2023.
The increase in visitor arrivals was driven by strong demand from Singapore’s key markets, led by Indonesia (2.3 million), China (1.4 million), and Malaysia (1.1 million). Other key markets include Australia, South Korea, and the United States.
Large concerts also drive Singapore’s economic recovery post-pandemic and its superiority as a pioneering player in the entertainment industry. The economic concert strategy enhances Singapore’s attractiveness as a tourist destination and contributes up to 10% of its Gross Domestic Product (GDP). The shift towards large-scale music events is evidence of this city-state’s adaptability and its commitment to diversify its economic drivers.
Singapore’s economy grew by 1.1% in 2023, slightly revised from the initial estimate in January of 1.2% based on data from the Ministry of Trade and Industry (MTI). This figure is more moderate compared to the full-year growth rate of 3.8% in 2022.
In addition to Taylor Swift, Singapore will also host other international singers this year, such as Bruno Mars and Rod Stewart.
Marketing education professor at the Singapore Management University, Dr. Seshan Ramaswami, explained that Taylor Swift and Coldplay’s concerts are significant steps in establishing Singapore as a major stage in the international world.
“This will embed Singapore’s image as a tourism hub for young music enthusiasts from various parts of the world, including the Middle East,” said Ramaswami, as quoted from the Straits Times on Wednesday (March 6, 2024).
Long-term, Singapore’s selection as a popular choice for many world musicians brings the Lion City closer to its dream of becoming a “concert hub” in Southeast Asia.
So, what makes Singapore the preferred choice for many world musicians? The answer lies in its adequate infrastructure and the significant role of the government.
Despite having a population of only about six million and an area of ​​only 743.3 square kilometers, Singapore is equipped with adequate infrastructure including airports, stadiums, public transportation, and hospitality.
Singapore’s location is also in the middle of Southeast Asia, making it easy for other countries such as Indonesia, Malaysia, Thailand, and the Philippines to visit.
However, adequate infrastructure will not be effective without the support of the government. The Singapore Tourism Board (STB) is the primary driver behind Singapore’s emergence as a major destination for tourism, meetings, and concerts.
Established in 1964, this agency also provides many incentives to support the hospitality and tourism industries.
After Singapore’s tourism and service sectors were severely affected by the Covid-19 pandemic, the STB launched a program called Singapore Incentives & Rewards (INSPIRE Global 2.0).
There are dozens of incentives issued, including the Business Event in Singapore (BEiS) and the Singapore MICE Advantage Programme (SMAP).
BEiS helps companies and event organizers secure venues, marketing and publicity, and funding for certain companies.
Meanwhile, SMAP will also assist organizers in conducting events, offering discounts, and privileges with a number of partners such as Singapore Airlines, Changi Airport Group, Jet Quay, Star Hub, NETS, Sentosa, and Grab.
In contrast to Singapore, Indonesia is still struggling to attract international caliber artists. Coldplay only held a one-day concert in Jakarta in November 2023. This year, Ed Sheeran will have a concert in March, but beyond that, there have been no announcements of concerts in Jakarta.
Minister of Tourism and Creative Economy, Sandiaga Uno, apologized for Indonesia’s failure to attract Taylor Swift to hold a concert in the country. The world’s richest singer only stopped in Singapore for a six-day concert.
In November 2023, Sandiaga Uno targeted Indonesia to earn up to US$75 million or around Rp1.17 trillion from Coldplay’s concert.
Imagine if Coldplay held a six-day concert in Jakarta, the profits would be multiplied.
(mij/mij)