Singapore enjoys 'mountain of money' thanks to Taylor Swift

Singapore is expected to earn hundreds of millions of dollars thanks to the increased number of tourists, money spent on air tickets, hotels, and tickets to see The Eras Tour.On March 4, The Straits Times reported that Edwin Tong – Singapore’s Minister of Culture, Community and Youth – told Parliament that Singapore’s economy will benefit greatly from Taylor Swift’s 6-night concert The Eras Tour. .

“I can assure you that the economic benefits to Singapore are significant and outweigh the size of the grant,” he said, noting direct economic benefits include increased tourist arrivals, Airfare, hotel as well as expenses for entertainment, dining and shopping activities in Singapore.

Online, there are various discussions about the size of the Singapore government’s sponsorship for the concert. Mr. Edwin Tong affirmed that all speculations are incorrect. “Those numbers are not true and not as high as rumored. But due to business secrets, we cannot disclose the size and specific conditions of the grant,” he added.

Mr. Edwin Tong said Singapore’s economy benefits greatly from Taylor Swift. Photo: CNA.
Last month, The Straits Times reported that economists estimated Singapore’s tourism revenue would increase by about $500 million. However, the actual number must wait until after the end of the concert on March 9.

The Eras Tour in Singapore is Taylor Swift’s first Southeast Asia tour, taking place in 6 nights, including March 2-3-4 and March 7-8-9. The first night, Singapore National Stadium was filled with 55,000 spectators. The following nights recorded equally large audiences. Many international artists such as Lisa (BlackPink) and SHINee’s Minho also appeared on the music show.

The worldwide hit tour brought Swift huge profits, helping her rise to the rank of billionaire. In December 2023, Guinness recognized her The Eras Tour as the highest-grossing concert series of all time, reaching more than one billion USD, surpassing Elton John’s record of 939 million USD. Singers earn about 85% of total ticket sales – a high ratio that is rare in the music industry.