Singapore said the economic benefits from Taylor Swift's concerts outweigh the incentives the country offered the singer, amid speculation over how much it paid her to secure an exclusive performance in Southeast Asia.
“There has been some speculation online about the size of the grant,” Edwin Tong, Minister for Culture, Community and Youth, told Parliament on Monday. “It is not as precise and not as high as expected, but for reasons of confidentiality, we cannot reveal the exact size of the grant or the terms of the grant.”
Speculation about the issue gained momentum online after Thai Prime Minister Sritha Thavisin said Singapore had offered subsidies of up to $3 million per concert in exchange for Swift agreeing not to perform anywhere else in the region during her Eras tour.
Asia News Channel mentioned Last week the number was closer to $2-3 million total for all six offers without specifying the source of the information.
Tong said the economic benefits to Singapore, including additional tourist arrivals and entertainment and retail spending in the island nation, were “significant” and outweighed the size of the grant.
Concert tie-ups have also helped the likes of Singapore-based United Overseas Bank Ltd. The bank, which allowed cardholders in the region to purchase pre-sale tickets for popular artists such as Swift and Ed Sheeran, reported a 66% return. leap Credit card fees will reach a new high of S$382 million ($284 million) in 2023.
Thailand is not the only country in Southeast Asia to express its displeasure. Filipino legislator It said She criticized Singapore over its exclusivity agreement and urged the Foreign Ministry to raise the issue with Singapore's envoy in the country.
“Sour grapes,” Singapore’s former Permanent Secretary for Foreign Affairs wrote on his Facebook page mail. “Whenever I hear calls for Singapore to be more ‘sensitive’ to others in Southeast Asia, it actually means being as ineffective as them.”
“We have to be better, faster and more innovative than competitors,” he said.
“Lifelong beer expert. General travel enthusiast. Social media buff. Zombie maven. Communicator.”