Concerts by acts like Taylor Swift and Coldplay can boost local economies, raising questions over how authorities can help pay
When Coldplay played in Jakarta last November, it is estimated to have boosted the Indonesian economy by approximately US$53.5 million. Organising mega-concerts by international superstars is seen as an effective way to boost the economy and enhance the national image.
It’s understandable, then, that there is some envy around Southeast Asia over Singapore signing an exclusive deal for six concerts by Taylor Swift earlier this March. According to an estimate by LPEM Universitas Indonesia, the cascading effect on the national economy of the Coldplay concert was another US$27.6 million added to the country’s GDP, primarily benefiting the entertainment industry, transport and hospitality.
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Like Swift, Coldplay played six concerts in Singapore. The potential impact of multi-day concerts by both artists on Singapore’s economy is considerable. The British band’s gigs were estimated to have added approximately US$296.1 million to the Singaporean economy, while Swift’s concerts are expected to bring in around US$416.4 million, mainly due to higher ticket prices. These are welcome numbers after the hard years of the Covid-19 pandemic where the live music industry declined by about US$30 billion globally.
Since the pandemic, figures will continue to improve due to pent-up demand for live music events. In Indonesia, for example, there has been an increase in live music events since 2022 with numerous music festivals and the number of concerts featuring both foreign and domestic musical acts steadily increasing.
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