SINGAPORE – Taylor Swift’s tie-up with the third-largest bank in Singapore propelled the lender’s credit card fees to a record in the third quarter, the latest example of the American pop star’s extraordinary economic heft.
Fees from UOB’s credit card business jumped 89 per cent from a year ago to a record $104 million in the quarter, the lender said on Thursday, as it reported an expanded profit. Card fees accounted for nearly a fifth of net fee income in the three months, a bigger portion compared with more than 10 per cent in the same period in 2022.
The uplift in card fees – along with higher incomes related to loans and wealth – had contributed to UOB’s net fee income rising 14 per cent for the quarter.
The bank is expecting a double-digit increase in fee income in 2024, chief executive Wee Ee Cheong told reporters at a post-results briefing.
In July, UOB cardholders enjoyed an exclusive pre-sale for tickets to Swift’s six Singapore shows in March 2024 at the National Stadium, sparking massive demand that led to a jump in credit card applications.
Tickets in that pre-sale sold out within three hours, with queue numbers hitting the one-million range within 10 minutes.
“If you have a UOB credit card, it’s a small advantage,” Mr Wee said, referring to access to Swift’s concerts through the pre-sale tickets. “There’s more to come. Look at Ed Sheeran – it’s the same thing,” he added.
The bank is partnering with the Grammy-winning British singer-songwriter to offer cardholders similar perks for his concerts in South-east Asia in 2024.
The 32-year-old will be playing in Singapore for one night only on Feb 16 at the National Stadium.
Tickets to a pre-sale for UOB cardholders, which started at 10am on Friday via the Ticketmaster online platform, sold out within 1½ hours. Queue numbers appeared to reach a peak of around 157,000 at 10.15am, but there was still good availability for all ticket categories even at 11am, at which point fans could enter the ticket sale page without queueing.
The Swift UOB pre-sale might have ended as quickly as Sheeran’s, if not for a few factors.
For one thing, the sheer demand for tickets overloaded Ticketmaster’s website, with many fans getting booted off before they could complete their transactions. Also, tickets for the Swift pre-sale were spread out over six dates, compared with just one date for Sheeran.
Moreover, while tickets to Sheeran’s gig are priced between $88 and $348, Swift’s tickets went for as much as $1,228 each for VIP 1 package tickets – a steep price tag for even Swift’s biggest fans.
UOB cardholders in Singapore will still be able to participate in the UOB Cardmember pre-sales for Sheeran’s concerts in Bangkok (Feb 10) and Jakarta (March 2). UOB card members in those countries were also able to participate in the Singapore pre-sale.
A second pre-sale, the KrisFlyer Reserve Sale, will begin on Monday at 10am for members of Singapore Airlines Group’s rewards programme. The general sale kicks off on Tuesday at 11am.
UOB is seeking more lifestyle-related partnerships. The number of new-to-bank customers acquired in the first nine months of 2023 was 28 per cent higher than a year ago, thanks to digital and lifestyle offerings that include concerts, food and travel, according to UOB. BLOOMBERG
- Additional reporting by Yamini Chinnuswamy
