Singapore (PRWEB) September 14, 2012
The Singapore Tourism Board (STB) plans to position Singapore as premier destination for live performances and entertainment in the region. Analysis by Asiabiz Services, a Singapore company registration consultancy, affirms the Southeast Asian city-state’s potential to capture a large percentage of the tourism market through strategic entertainment tourism projects.
A tender document posted in GeBiz, Singapore’s e-procurement portal, revealed the STB’s plans to enhance its live entertainment options by inviting world famous performers. The national tourism agency’s goal is to offer events that are unique only to Singapore, thus attracting visitors from throughout the region to travel to the city-state specifically for the purpose of attending these events.
Currently, Singapore’s entertainment sector is one of the most robust in the region. Statistics from SISTIC, Singapore’s leading ticket service provider, revealed that the Lion City offers more than 90 shows, festivals, and concerts per month. These include a diverse range of local as well as world-renowned performers. For example, some of the prominent foreign artists who have recently performed in Singapore include American pop artists Lady Gaga and the Foo Fighters, among others. Other seminal acts to come include Hercules & Love Affair, Robyn, Yuna and Sigur Ros.
However, regardless of its vibrant offerings, Singapore has to date captured only a small percentage of the entertainment tourism pie. Despite an overall 8.8% year-on-year improvement in the tourism sector, with Q1 2012 receipts reaching S$5.8 billion, there are no official data to account for the number of tourists who primarily travel in order to attend art and entertainment events.
To develop entertainment tourism as a viable component of Singapore’s overall tourism platform, the STB will launch plans to increase visitor attendance in live performance events. Among other tactics, the tourism agency will establish partnerships with arts and entertainment businesses in Southeast Asia to explore the potential of the APAC market. The STB is also commissioning a research into the demand from Malaysian and Indonesian tourists, which comprise two major market segments. Additionally, local and offshore marketing campaigns will continue to promote Singapore’s entertainment sector.
“With our world class venues and vibrant entertainment scene, Singapore is ideally placed to become the region’s epicenter for arts and entertainment,” commented Mr. James Nuben, Head of Taxation at Asiabiz Services. “If the entertainment sector is developed further, the impact on tourism inflow will be enormous.”
“In general, a boost in the entertainment sector will complement Singapore’s diverse MICE, education, and medical tourism offerings, thus improving the tourism industry as a whole. Consequently, a thriving tourism industry will help generate investor interest and encourage more entrepreneurs to seek Singapore company formation, particularly for businesses catering to events management, ticketing services, sound and music production, F&B services, and other entertainment-related opportunities,” he continued.
“Moreover, a robust arts and entertainment sector will help attract high net worth individuals (HNWIs) and gold collar professionals to move to Singapore either under the Global Investor Program or Singapore work visa framework. As indicated in Citibank’s 2012 Wealth Report, at least 6% of the world’s wealthiest individuals consider a vibrant arts scene as a major factor that makes a city globally relevant,” he added.
ABOUT ASIABIZ SERVICES
Asiabiz Services is a Singapore-based consultancy that offers business solutions for both local and foreign professionals, investors and entrepreneurs. Our areas of expertise include Singapore company registration, incorporation, accounting, taxation and other related corporate services. Asiabiz Services also provides Singapore work visa and immigration services for foreign professionals wishing to relocate to Singapore.
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