Singapore said economic impact of Taylor Swift concerts exceed the incentives the city-state offered the singer to perform, amid speculation about how much she paid to secure exclusive representation in Southeast Asia.
“There has been some speculation online about the amount of the grant,” Edwin Tong, Minister for Culture, Community and Youth, told Parliament on Monday. “This figure is neither precise nor as high as expected, but for commercial confidentiality reasons we cannot reveal the precise amount of the grant or its terms.”
Speculation on the topic gained momentum online after Thai Prime Minister Srettha Thavisin said Singapore was offering grants of up to $3 million for each concert in exchange for Quickly agree not to perform elsewhere in the region during his Eras tour.
Asia News Channel reported last week the figure was closer to $2 million to $3 million total for the six shows, without specifying where the information came from.
The economic benefits to Singapore, including additional tourist arrivals and spending on entertainment and retail in the island nation, are “significant” and exceed the subsidy amount, Tong said.Play video
Gig tie-ups have also helped companies like Singapore-based United Overseas Bank Ltd. The lender, which allowed area cardholders to purchase pre-sale tickets for popular artists like Swift and Ed Sheeran, reported a 66% take-up rate. overvoltage credit card fees to hit a new high of S$382 million ($284 million) in 2023.
Thailand is not the only Southeast Asian country to express its discontent. A Filipino lawmaker would have criticized Singapore for its exclusivity deal and urged the Ministry of Foreign Affairs to raise the issue with Singapore's envoy to the country.
“Sour grapes,” Singapore’s former permanent secretary for foreign affairs wrote on Facebook. job. “Whenever I hear calls for Singapore to be more 'sensitive' to other Southeast Asian countries, what they really mean is that it must be as ineffective as them.”
“We have to be better, faster and more creative than the competition,” he said.