Coldplay’s recent hit show in Malaysia was a concert that was good for the economy. But be careful: if a concert is quickly canceled, it could be bad for hotels in the area. Talk about why these things are good for the country and what needs to be done to keep them that way.
Malaysia Economy Will Grow: when there are concerts.
The head of the Malaysian Association of Hotels (MAH), Isaac Mohan Raj, talks a lot about how shows are good for the business of Malaysia. People who go to the event spend more money and book more hotel rooms, so the good effects last longer than the event itself.
Malaysia Economy Will Grow: How it changes how full hotels are
Raj says there is a strong link between hotel stays and big events. The year-over-year growth rates for the 10 months in 2023 that had big events were 188% higher than the average for those months. During slow times of the year, this raise is a nice boost.
Malaysia Economy Will Grow: events in your area vs. events in other countries
There are also important concerts in your own area, even though shows in other countries usually bring in more money for hotels. A lot of people, both from inside and outside the country, need places to stay, which means that more rooms are booked and other services linked to lodging are needed.
Malaysia Economy Will Grow: How Does Tourism Change After a Wave?
Yap Lip Seng, CEO of Riyaz Hotels & Resorts, talks about how events. Especially concerts in other countries, bring in tourists who are ready to cross state lines to see shows. Hotels in the same city feel the same way, and it helps them as well as the music place.
Concerts that are coming up drive early bookings.
Yap uses Taylor Swift’s upcoming tours to show how excitement can fill rooms months ahead of time. Since people want to stay at hotels early, they can charge more for rooms and still make a lot of money.
Concerts are a way to get other businesses going.
The head of the Malaysia Budget & Business Hotel Association, Sri Ganesh Michiel, says that shows are good for more than just hotels. They also work well for stores, restaurants, travel planners, and travel insurance firms.
Getting shows in other countries: issues and solutions
Yap says Malaysia has trouble being the first place people think of when they want to hold shows. He says that people who put on music events need long-term security and safety, and he asks the government to make things easier and set clear rules for planning events.
Making sure that event organizers are stable
To get events in other countries, Yap says that any licenses or permits should be legally binding and backed up by a system. It should only be “force majeure” that causes events to be canceled, not because of decisions made by powerful people.
What the government does to make shows possible
MAH Isaac, the CEO, wants the government to make it easier for foreign artists to hold shows in Malaysia. He believes that the business should have a mix of rules and rewards so that it can keep growing.
How to Find the Right Balance for a Successful Concert
And finally, shows are good for business, but Malaysia needs to find a balance. There should be rules, but there should also be a friendly vibe so that foreign artists feel welcome. People should understand that events are good for the economy all over the country, not just in hotels.