Mystic wealth

Mystic wealth

Friday, 20 August 2010

YOG will boost Wealth for Singapore by over S$500 Million

Image source: YOG facebook

YOG will boost Wealth for Singapore by over S$500 Million
Playing Host to the Youth Olympics games does boost Singapore’s economy by several factors considering in terms of foreign visitors whom come to our shore during the early stages of the events especially leading to the opening of the games . Visa confirms the first two days of the Games (Aug 11 to 15), more than US$42.5 million was spent by international visitors using Visa-branded payment cards and marketing experts believe visitor spending easily will exceed USD300 million during the stay here for the show .
Another major contributing factor come from sponsorship for the event. According to recent report from YOG committee ,the sponsorship from 77 companies have exceeded S$50 million . This amount is satisfying to many others but still fall short to the amount compared to the last Summer Olympics which collected over S1.2 billion. Observers still forecast high possibilities that total sponsorship value could well reach up to S$100 million but details might be available before the closing of the Games. .
The organizer has so far been responding to feedbacks and has made efforts to improving every specific areas so that Singapore can get the best publicity from this event also
Sponsors for the Youth Olympic Games are spending big money with intention to reach out to a younger audience due to the new emergence of social media and the recent global financial crisis have had a huge impact on the younger generation and made companies target them to look for more hospitalities sales thus creating major sponsorship to the event by big consumer product companies especially Samsung ,who has been building a strong reputation as a major affiliate to global sporting event as they have initialize social media networking using smartphone during the last summer olympic games and has install similar program to the YOG with similar concept of getting the younger generation to get connected through using this new media . Their affiliation to global sport event has brought them inline with usual big sport sponsorship in the business today
Traditional advertisers starts to invest on social marketing by using major social networking sites like Facebook ,Myspace,to engage with the techno-savvy youth market. The advertisement and hospitality industry simply cannot ignore the importance of younger audiences and must use creative online marketing tools to engage with them.
The organizer has so far been responding to feedback and has made effort to improving every specific areas so that Singapore can get the best publicity from this event also
and for the first time, YOG has introduce many new programs using the new media technology with full participation using facebook and several social networking sites to get Youth engaged on the web, and with major Media support and sponsorship , they have full 24/7 broadcasting over the web using the latest in webcasting technology

For all this contribution efforts and factors ,they will add to bring in more wealth to the Singapore economy from increases in hotel and tourism dollars ,investment , construction of new facilities , and sales from shopping , and experts estimate at least USD 380 million will be injected into Singapore economy for holding this event from these factors.

Source :

No comments:

Post a Comment