UTM Comments is a partnership between Macau News Agency and Macao University of Tourism
By Gabriella, Cheang Si Weng
“Welcome to the Eras Tour!” This unforgettable line from Taylor Swift has created meaning that transcends songs. The ‘Swiftonomics’ wave has swept over different destinations globally, for instance Singapore and Tokyo, among others. According to Channel News Asia, the size of Australia’s economy expanded by US$363 million over seven shows, and Tokyo’s by $226 million over four nights. Singapore, which has been claimed to spend about $3 million subsidizing every show, has witnessed a massive 2.9% GDP growth rate, amounting to US$375 million in the first quarter of 2024 after the 6-day concert tour attracted fans from across Asia, as reported by Bloomberg. Consequently, Changi Airport declared an increase of 20% in passenger arrival traffic compared to the same period last year.
A similar story is being told in regard to Macau, which has become a rapidly growing music destination hosting as many as 240 concerts in 2023. Although gaming no doubt continues to be the key industry in Macau, the authorities are turning to the concert economy, recognizing it as a promising direction for economic diversification. Who can forget the presence of Jacky Cheung, Blackpink, and Seventeen among others, performing in Macau? Sands Resort Macau Press Center reported that Jacky Cheung’s 2023 show sold more than 109,000 tickets and generated over MOP$100 million (~US$12.4 million) in revenue. The ripple effect from these captivating shows also encompassed the hotels, restaurants, and even the gaming sector. With more and more performers selecting Macau as their venue of choice, the future of Macau as a city esteemed for its cultural growth is looking even brighter.
Does it mean that Macau is ready to welcome someone like Taylor Swift? At the moment, combined together, the Galaxy Arena, Cotai Arena and other venues can accommodate tens of thousands of guests which puts Macau in the ranks of global entertainment capitals. However, the two largest venues with capacities of 16,000 (Galaxy Arena) and 15,000 (Cotai Arena) are likely to be too small for concerts of world-renowned singers like Taylor Swift who, based on The Business Times Singapore, attracted over 50,000 fans to the National Stadium in Singapore. Aware of the existing capacity shortage, the Macau government is actively trying to resolve this situation.
Ao Ieong U, Macau’s Secretary for Social Affairs and Culture disclosed on April 23, 2024 that the area surrounding Macau East Asian Games Dome is being considered as a possible 50,000-seat performance facility. Remodeling the Macau East Asian Games Dome, which currently holds 9,000 people, into a 50,000-person flooded dome would revitalize this remote location. If approved, this decision may become the starting point for star-studded events and consequently multiply the profits of the local enterprises and tourism.
Macau, which combines tradition and modernity for the purpose of attracting tourists, is taking a chance on non-gaming entertainment to diversify tourism landscape. The city’s emerging concert economy has the potential to turn it into the best destination for people from all over the world who love entertainment and the symphony that comes with it is not only music to the fans’ ears, but also money in the businesses’ accounts. Macau is undoubtedly on the way to an even brighter and more diversified future.
