Singapore is already among the richest countries in the world, but singer Taylor Swift is bringing more money to the lion island of Southeast Asia. “Music economics” is a lucrative field, and the world is thoroughly exploiting it.

The reputation of the American pop singer is associated with billions of dollars. Taylor Swift’s “The Eras Tour” tour in the US in 2023 is estimated to have brought in $4.6 billion to the US economy thanks to the spending of participants in the program’s events.

Therefore, the US Federal Reserve (Fed) has its own phrase for this female singer – Swiftonomics (attaching her name to the word economics) – meaning her economic values. Because Taylor Swift’s performances have become a driving force for economic growth and tourism development where she performs.

Swiftonomics is repeating in Singapore: “The Eras Tour” takes place in this island nation from the beginning of March to the end of March 9, and is expected to help Singapore earn hundreds of millions of dollars more from tourism.

Taylor Swift on tour in Singapore in March 2024. Photo: TAS Rights Management

Tran Huu Tuan Anh, 24 years old, a longtime fan of Taylor Swift, revealed to the Lao Dong newspaper: The amount for the 7-day trip to Singapore is about 100 million VND including tickets for 4 shows and airfare. , hotel, travel and food expenses, cash to bring with you… Tuan Anh has followed and supported Taylor Swift for 10 years.

Tuan Anh added: “I believe that not only me but also many young people out there are willing to spend a large amount of money on this concert to make their youth journey more complete and also have another goal to pursue. a motivation to try”.

Dr. Seshan Ramaswami – Associate Professor of Marketing at Singapore Management University (Singapore Management University) – said spending on experiences such as traveling and going to concerts makes consumers happier when using money to buy products. material.

Regarding marketing, he also said that the scarcity factor also urges Taylor Swift fans to pay to see her perform. Singapore is the only destination of “The Eras Tour” program in Southeast Asia. Therefore, many people accept “now or never” to spend their money to Singapore to see the female singer in the flesh.

A Vietnamese fan spent about 100 million VND to go to Singapore to see Taylor Swift in March 2024. Photo: Provided by the character

Taylor Swift did it so grandly

It’s not without reason that the world’s three major newspapers, The Times, The Telegraph, and The Guardians, all gave the maximum score of 5/5 stars to evaluate Taylor Swift’s “The Eras Tour” in Singapore. This is a concert that is highly appreciated by the media around the world with all the beautiful words, the majestic staging that exceeds many normal stage standards as well as the set lasting nearly 3 and a half hours with more than 44 songs. The show’s stage is also the stage with the largest floor area ever in Taylor Swift’s career, all of the world’s most advanced stage technology is applied.

The female singer born in 1989 sang up to 44 songs during her concerts, including 1 song from Taylor Swift’s debut album, 3 songs from the album Fearless, 1 song from the album Speak Now, 4 songs from the album Red, 5 songs from the album 1989, 4 songs from the album reputation, 5 songs from the album Lover, 8 songs from the album folklore, 5 songs from the album evermore and 7 songs from the latest album – Midnights. Not to mention 2-4 surprise songs – always the topic of discussion for Taylor Swift fans every night: It’s the joy of one show’s audience and the regret of another show’s audience.

Ms. Viet Nu, communications director at a Vietnamese entertainment company, told the newspaper Vietnamese Women: “It’s completely worth it for this experience. I bought a combo of concert tickets + 1 day at a 4-star hotel, priced at 25 million VND for 2 people. Round-trip airfare and hotel 2 days before the concert are 11 million VND per person. I booked as soon as I bought the concert tickets so the price is still good. Add train card, sim card… then The basic cost is about 25 million VND for 1 person.”

Music makes a lot of money

What Ms. Viet Nu quickly listed shows that there are many services accompanying the exploited “music economy” events. The problem is how to organize to create services and revenue.

In 2023, Korean girl band BlackPin performed at My Dinh Stadium (Hanoi) in the last 2 nights of July. According to reports from the organizing committee, the total number of up to 67,000 spectators at My Dinh; The night of July 29 had about 36,000 viewers and the night of July 30 attracted 31,000 viewers. The revenue of this tour is about 335 billion VND (about 14.1 million USD).

Data from Touring Data shows that this revenue is quite similar to BlackPink’s concerts in Asia in the same year before coming to Hanoi. In Bulacan, Philippines in March, BlackPink also earned 14.1 million USD. At the concert in Jakarta (Indonesia) on March 11-12 before going to Bulacan, Korean female singers earned 17.1 million USD. Performing in Thailand in early January last year, BlackPin reported sales of 12.3 million USD.