UOB eyes concert partnerships with more K-pop, Asian acts

CONCERTS have seen a strong post-pandemic revival, and the wave does not seem to be slowing down in Singapore just yet.

Over the past two years, the Republic has attracted shows by global artistes, which have been sold out and attended by concertgoers from around the world.

One local bank, in particular, has been a key benefactor of the post-pandemic concert frenzy.

UOB – Singapore’s third largest bank – has had its card spending and customer acquisition boosted by its partnerships with various music acts, including Taylor Swift and Ed Sheeran.

And the bank is nowhere near done.

As demand for live entertainment is expected to remain strong, UOB will commit to more entertainment offerings to stay relevant and boost customer acquisition, said Jacquelyn Tan, head of group personal financial services at UOB.

“If we want to be the bank of choice for aspiring (individuals in Asean), we need to make sure that we not only deliver financial solutions that best meet their lifestyle needs, but also tailor (them) to their preferences,” said Tan in an exclusive interview with The Business Times.

An important approach would be to offer a greater variety of acts to meet the different needs of UOB’s wide range of customers, she added. UOB banks some eight million retail customers, with a focus on the Asean region.

“Even when we look at entertainment as a whole, we need to make sure that it cuts across genres, cultures, and time periods, such that it remains relevant to the customer base,” Tan said.

The bank’s latest partnership is with Waterbomb Singapore 2024, a summer music festival originating from South Korea. The festival, which will feature 10 South Korean pop, hip-hop and electronic dance music acts, is UOB’s first foray into partnering with Asian artistes.

Tan expects Waterbomb to draw “quite a bit of interest”, given that it is new to the Singapore market and already has known success.

She also noted the growing K-pop market in South-east Asia. K-pop tie-ups have been a popular request from customers since the bank announced its entertainment partnerships.

UOB will also announce two more partnerships with Asian artistes in the coming weeks, Tan said. These acts are expected to be of different genres and time periods from the acts that have been announced so far.

“It is time to show a variety because we recognise that music and entertainment bring together different cultures and nationalities with a common passion point,” she said.

The bank has also seen an increase in sign-ups from a younger age group. From Jun 21 to Jul 7 last year – the period when Swift’s Singapore concerts were announced, until the end of the general on-sale period – UOB’s card application volumes jumped almost 120 per cent month on month.

It also saw a four-percentage-point growth for credit card applications among 25- to 29-year-olds.

Tan noted that the younger customer base’s spending has been as healthy as the bank’s existing portfolio. “That has been very encouraging for us to ensure that continuous engagement is there.”

The bank is interested in bringing in acts that could play in different formats, such as with Waterbomb – a festival that is more interactive than a single-act concert.

Boosting tourism in Singapore is also a key focus for UOB, Tan said, given that this can support businesses that it serves in the Republic.

“It is important not only to serve our individual customers across Singapore and the region, but also, if Singapore becomes a (travel) destination… it helps promote the businesses and encourage footfall.”

Regarding competition from other banks for similar sponsorships, Tan said she “would not be surprised” if they are also interested in the entertainment category, as they are likely to be studying the same trends and data points.

But she added that UOB was a “trailblazer” for bank partnerships in the entertainment space, and believes it can differentiate itself through its proven track record, its large Asean customer base, and its commitment to the space.

Discussing whether the concert frenzy is a fad or the future, Tan expects the trend to be here to stay.

“After the pandemic… the value that a consumer would put in a once-in-a-lifetime experience has come in with quite a bit of weight,” she said.

“I think consumers are willing to indulge a little bit more, because sometimes, money cannot buy experiences.”