The expected economic benefits to Singapore from Taylor Swift’s concerts are estimated to far exceed the scale of sponsorship by the Singapore Tourism Board (STB).
Mr. Edwin Tong – Singapore’s Minister of Culture – said he worked directly with organizer AEG Presents and provided undisclosed sponsorship and accompanying conditions – to exclusively bring The Eras Tour series of concerts by Taylor Swift returns to Singapore.
Responding to questions about the estimated economic profits and value of the pop superstar’s six concerts in the country, Mr. Edwin Tong said: “There have been speculations about the size of the sponsorship. However, it is not accurate and not as high as speculated, but due to business secrets, we cannot disclose the size and specific conditions of the grant.”
Singapore’s Culture Minister Edwin Tong worked directly with organizer AEG Presents and provided a grant to help bring Taylor Swift to Singapore. Photo: ST.
“I can guarantee the economic benefits to Singapore are greater than the scale of the grant,” he added, pointing out economic benefits including increased tourist arrivals, spending on tickets, trips flights, hotel stays and services such as entertainment, retail and dining in the Lion Island.
Sheet Straits Times Economists estimate that Singapore’s tourism revenue will increase by up to 500 million USD.
Sponsorships from Singapore for Taylor Swift’s concert have caused controversy, causing some politicians in neighboring countries, such as Thailand and the Philippines, to speak out.
The issue was discussed when Thai Prime Minister Srettha Thavisin said he was informed by the organizer that the Singapore Government had offered a subsidy of up to $3 million per concert, in exchange for Swift agreeing not to perform at the venue. anywhere else in Southeast Asia, except Singapore on The Eras Tour.
Singapore’s Culture Minister revealed that the exclusive contract has a confidentiality agreement and has taken evaluation measures. Mr Tong said the Government has various considerations for funding events, as well as the terms and structure of those grants, taking into account Singapore’s overall needs and objectives. .
In February 2023, the Singapore Minister of Culture and a number of high-ranking officials personally flew to the US to invite Taylor Swift to perform exclusively. “We saw the opportunity, negotiated quickly and completed the deal neatly,” said Mr. Edwin Tong.
It is estimated that the tourism revenue of Singapore’s economy will increase by up to 500 million USD after 6 shows of the pop superstar. Photo: Getty.
In addition to the economic and tourism benefits, Mr. Tong said that being able to host A-list artists like Taylor Swift will help position Singapore as a cultural center in Southeast Asia, a place capable of hosting many types of venues. arts ranging from music and cultural events as well as sporting events.
“This helps brand Singapore as a fun, vibrant destination. Singapore faces stiff regional competition for these concerts and we will need to continue to invest in infrastructure to continue attracting major entertainment events,” he said.
Previously, the Singapore Tourism Board and the Ministry of Culture, Community and Youth (MCCY) said: “Singapore has many interesting things to do to become a destination for large-scale international events, with its strategic position. strategy, quality from infrastructure, safety, efficiency and diverse cultural services”.
