Before I get into it, a concert being discussed by politicians at a regional summit just blows my mind. Swiftnomics is real!
I’ve never seen any artist do 6 shows back to back, in the same city, on the same stage, and still have so many takers.
But, by securing this deal Singapore had a tourism tidal wave. Imagine: 22Mn people vying for a measly 330,000 tickets!)
The government incentivised her to perform all 6 shows “exclusively” in one place during her Eras Tour → This meant fans from other all over Asia had to travel → More tourism & revenue for the country
It was a master stroke from SG, but, it sparked geopolitical controversies and debates with other SE countries wanting to have a share in Taylor Economy :)
Because, she’s literally the GOAT of the concert economy. Her tour has injected billions into economies worldwide through ticket sales, travel, merchandise, etc.:
🇺🇸 USA: $4.6 Bn
🇯🇵 Japan: $228 Mn
🇦🇺 Australia: $500 Mn
🇸🇬 Singapore: $370 Mn
Let's put this $370 Mn Swift Effect in perspective for SG:
- Her impact on Singapore's economy in just 6 days is 25% of what the F1 Grand Prix has generated in tourism receipts since 2008!
- Economists have upgraded its first-quarter GDP growth forecast is projected to expand 2.9%, which is the fastest pace in the past 6 quarters😳
- 7 in 10 of the 300K concertgoers will come from abroad = Up to 30% ↑ in flights and hotel demand
- Plus, every tourist spending an additional amount on transportation, restaurants, experiences, etc. And, with SG govt collecting a 9% tax, its massive revenue for the national coffers.
This isn't just about music, it's about understanding cultural trends and leveraging them for explosive growth.
Pop culture will affect consumption over the next decade. And, businesses that find ways to leverage it will stay on top...
Can you think of any other event that can add so much to an economy. The FIFA World Cup maybe?
PS: I didn’t make it to the concert. But, we gifted my brother and sister-in-law tickets (the real Swifties in our family). Doesn’t it look like they had a great time 😂?
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This post was originally shared by Arjun Vaidya on Linkedin.