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A Sky Full of Stars

That night, the sky was full of stars...


...all thanks to Coldplay.


Source: Coldplay


The Coldplay Music of the Spheres World Tour has soared to become the 4th largest tour of all time, with a total gross of USD 617.8 million or approximately Rp 9.5 trillion.


Indonesia takes immense pride in being a part of this successful tour held at Gelora Bung Karno, Jakarta, last night. Fortunately, I had the chance to attend Coldplay's first concert in Jakarta, along with more than 80,000 others.


Source: Sucor Sekuritas


As we all know, the enthusiasm of the Indonesian people for this concert is truly remarkable. From the moment Coldplay first released their world tour schedule in Asia, with Jakarta on the list, Indonesian fans have been incredibly enthusiastic.


This enthusiasm led to a "ticket war", with Loket.com recording a record-breaking participation of over 3 million people during the ticket sales period on May 18 and 19.


Source: Loket.com


The most expensive ticket was priced at Rp 11 million, while the cheapest was Rp 800,000. Additionally, attendees were required to pay a 15% local tax and a 5% service fee, which, of course, had a positive impact on tax revenue.


Source: Bloomberg Technoz, Kompas


The success of the concert, of course, cannot be separated from the role of the government, especially the Ministry of Tourism and Creative Economy (Menparekraf).


As we all know, from the beginning, Menparekraf Sandiaga Uno has been very vocal in supporting the realization of this concert. According to Sandi, organizing concerts, especially by top-tier bands like Coldplay, has a multiplier effect.


Source: Sucor Sekuritas


Yep, it doesn't just boost the entertainment industry; Sandi also mentioned that such concerts can significantly boost other industries, including SMEs. He even estimated that the impact of the Coldplay concert on the national economy is approximately Rp 167 trillion.


Source : Media


This economic impact is necessary considering that our Third-Party Funds have increased significantly from the end of 2021 to the end of 2022, by approximately ~9%—an increase that is even higher compared to the period during the pandemic.


Source : OJK


Considering the high level of third-party funds, President Joko Widodo is acutely aware that consumptive growth has been perceived as slow in recovering.


Data indicates that consumer spending, especially on entertainment, is indeed positive, but it remains relatively stagnant. Nevertheless, the significant revenue generated, not only from ticket sales but also from related expenditures, underscores the untapped economic potential within the entertainment industry.


Source: Statista


According to Jokowi, the necessity of consumption is crucial to boosting the national economy.


In a bid to stimulate economic activity, the president urged the national police and regional government to grant permits for sports and cultural events like concerts a month prior to the latest, so people would go spend their money rather than saving it in banks.


This move resonates like music to the ears of industry stakeholders. It is hoped that the success of the Coldplay concert will serve as an exemplary model for organizing other large-scale concerts.


Source: Coldplay


With this, we commemorate that finally, after 25 years of anticipation, Coldplay has finally made it to Indonesia.


Hopefully, this marks a good start to show other musicians or even the global stage that if Indonesia can pave the way for better economic growth, especially in the entertainment industry.


So, it will not only "fix you" with Coldplay's iconic song, but also fix the economy.

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