Like us scrolling Instagram after failing to secure Charli XCX tickets, China is sick and tired of having concert FOMO.
Driving the news: Ye, formerly known as Kanye West, headed to the beaches of Hainan, China earlier this week to play his first concert in the country in 16 years. By some estimates, the performance generated about $52.8 million in tourism revenue.
- The show could be a sign of China easing its rigorous standards on letting in big Western artists, as the country looks for ways to boost its sluggish economy.
- As youth unemployment rises and retail spending continues to slow, demand for live entertainment is a rare area where consumer demand remains high.
Catch-up: In recent years, foreign acts have been put off from touring China due to the Ministry of Culture’s strict rules for performance permits. Performers must submit detailed info about the content of their show while Chinese officials conduct background checks.
- Even if they are approved, artists have found shows cancelled for behaviour that officials find objectionable, like supporting Tibet or Taiwan independence.
- They might even be preemptively banned. China barred Lady Gaga for meeting the Dalai Lama and Justin Bieber because of his “bad behaviour.”
Bottom line: From Swiftonomics to Bey-flation, superstar concerts are massive economic drivers that are too enticing for China to pass up in today’s climate.—QH