Concerts are big business, and experts say Singapore is solidifying its position in the global entertainment space, especially off the back of two sold-out six-concert runs helmed by A-list pop stars Coldplay and Taylor Swift.
Swift’s six concerts at the National Stadium in March, which have sold more than 300,000 tickets, are expected to bring in an economic injection surpassing the $96 million estimated to have come in from Coldplay’s six concerts at the same venue in January.
Both sets of concerts are arguably the largest Singapore has seen yet, with the country also being Swift’s only South-east Asia stop on The Eras Tour, which boasts over 150 shows across five continents.
It has since come to light that Kallang Alive Sport Management – which runs the National Stadium – courted Swift’s team in early 2023 before any international tour venues had been confirmed, and secured the Singapore-only dates.
“Such exclusive arrangements or clauses used to secure well-known events would not be surprising and are not new to the industry,” said Mr Paul Kent, a partner at KPMG in Singapore.
“Outside of the industry, the practice of giving out business incentives occurs in many different forms, and has been used in many areas of the global economy to incentivise behaviour,” Mr Kent said.
He added that the strategic implications of such events are considerable and more than just a one-off.
Mr Zachery Rajendran, programme chair for the diploma in integrated events management at Republic Polytechnic, said: “By attracting renowned artistes and performers, we showcase our ability to host major events and put ourselves on the world map.”
He added: “It is a catalyst for future collaborations and partnerships with artistes, promoters and organisations around the world.”
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