The Gaga Effect: Lady Gaga's shows provided a 'healthy boost' to Singapore's economy, pulling in up to S$150M
Maybank economist Brian Lee said Lady Gaga's four-night concert in May brought in between S$100 million and S$150 million in tourism receipts, including spending on entertainment, food, hotels, and shopping.
The concerts, held on May 18, 19, 21, and 24 at the National Stadium, which has a capacity of about 50,000, attracted 193,000 fans and earned US$40.8 million (around S$55 million) in ticket sales — Lady Gaga's only ticketed shows in May, according to Billboard . Each concert pulled in around S$13 million in revenue.
'Gaga's concerts generated about half the revenue of Swift's Singapore shows, which pulled in S$104 million,' Mr Lee reportedly said, noting that it wasn't surprising, as Lady Gaga had a smaller, more niche following.
In April, analysts expected the concert to bring in about 200,000 visitors and generate up to S$250 million in revenue.
The Singapore Tourism Board reported an 8% year-on-year (YoY) rise in visitor arrivals in May, a sharp contrast to a 43.5% surge in March during Swift's exclusive concert deal in the city-state.
In terms of ticket sales, Malay Mail reported that tickets were still available in the week leading up to Lady Gaga's shows, unlike Taylor Swift's concerts, which had sold out well in advance.
Associate Professor Kiattipoom Kiatkawsin from the Singapore Institute of Technology said Lady Gaga's lower boost to the economy may be linked to her fewer show dates and the timing of her Mayhem album release. Still, he said bringing in global acts like Coldplay, Lady Gaga, and Taylor Swift strengthens Singapore's reputation as a 'premier destination for global entertainment' in the region.
Despite a busy first half of the year, analysts expect a quieter next six months.
While other major events are still on the calendar, including the Singapore Grand Prix in October, with performances by Foo Fighters and Elton John, and a Blackpink concert in November, Mr Lee warned the trade war and heightened global economic uncertainty could weigh on business and leisure travel, even with big names in the line-up. /TISG
Read also: Swiftonomics boosted 35% UOB card billings; cardholders spent over S$30M on Eras Tour tickets
Featured image by Depositphotos (for illustration purposes only)
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The Gaga Effect: Lady Gaga's shows provided a 'healthy boost' to Singapore's economy, pulling in up to S$150M
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