Revenue / 10.25.23
Singapore the 'LV Destination' for Concerts, but Will Rising Costs, Competition Derail That?
Channel News Asia (10/22/23) Kit, Tang See
Singapore is enjoying tremendous popularity as a concert stop for international artists, with CK Star Entertainment's Gabriela Chan saying some call it "the LV [Louis Vuitton] destination" of Southeast Asia thanks to state-of-the-art facilities, supportive policies, and a clean and safe setting. The Singaporean concert industry's post-pandemic comeback has been a gigantic success, attracting A-listers like Coldplay and Taylor Swift. Meanwhile, hunger for live entertainment after the pandemic's restrictions is at a record high, with consumers willing to pay more for "luxury" items like concerts, according to IMC Group Asia's Romell Song. Singapore University of Social Science Professor Lau Kong Cheen calculates that Swift's Singapore leg could generate S$67 million (U.S.$48.8 million) in ticket sales alone. However, industry players are concerned about rising costs and labor shortages, as well as eroding consumer demand if the global economy declines further. Other nations like Indonesia and Thailand also hope to make a play for Singapore's concert market with their massive domestic audiences. "There will always be competition but our strategic location and being an English-speaking nation with good infrastructure and transport should put us in a very sweet spot for now," Lau says.
Read the full story from Channel News Asia.
Tags: Revenue , Singapore