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| Tickets for the ‘Call Me by Fire’ concert sold out in an hour. Photo courtesy of Yeah1 |
HÀ NỘI – Premier music concerts in Việt Nam are emerging as powerful economic catalysts, transforming not just the entertainment industry but also significantly boosting tourism and local businesses.
Recent large-scale concerts like Anh Trai Vượt Ngàn Chông Gai (Call Me by Fire) and Anh Trai Say Hi, with the participation of dozens of thousands of people and ticket sales records, have demonstrated the immense potential of what experts are calling an “experience economy”.
Fans felt free to spend thousands of USD on VIP tickets, exclusive merchandise and backstage event opportunities. The concerts are no longer just playgrounds for the youth as many families, couples and friend groups now see the events as opportunities to travel and discover local culture.
A study of the entertainment industry showed that nearly 80 per cent of attendees are willing to travel over 200 kilometres to see their favourite artists, which creates an added value chain that extends beyond music to benefit other sectors such as aviation, hospitality, restaurants and transport services.
Yeah1 Group Corporation – the organiser of the Anh Trai Vượt Ngàn Chông Gai show, reported a threefold increase in quarterly revenues, reaching VNĐ345 billion, with a gross profit rising 3.6 times to VNĐ 79 billion. The success indicated that the concerts are becoming “gold mines” for producers and opening pathways for international-standard musical events to meet the increasing demand of the audiences.
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| Blackpink artists from the Republic of Korea perform in Hà Nội. VNA/VNS Photo |
Financial institutions are now strategically partnering with event organisers to stimulate consumer spending. Banks like Techcombank and Sacombank are offering special credit card promotions, including early ticket access and exclusive discounts. Particularly, the Buy Now, Pay Later model has become an effective financial tool for concert-goers. With flexible installment policies, consumers can purchase tickets and associated without immediate financial pressure. This payment method is particularly well-suited to the youth, the primary audience for music concerts, who tend to spend big but have limited liquidity capacity.
While the current success is promising, experts said rational strategies and long-term visions should be mapped out to make the music and entertainment industry become the nation’s soft power. They suggested developing integrated tourism offerings such as airfare promotional programmes, concert travel packages, and cultural side events.
A report from Live Nation Entertainment showed that cities hosting premier concerts recorded 20-30 per cent growth in consumer spending.
As for the Vietnamese tourism industry, international concerts and domestic shows have become major attractions, catering to the influx of both domestic and foreign visitors who come not only to enjoy the music feasts but also explore local destinations. — VNA/VNS
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