“Turkey, a rising star in terms of global growth, is now becoming a regular stop for international stars such as Madonna and Zaz. Foreign investors are now racing to invest in Turkey’s four billion dollar entertainment sector.With international record growth and per capita annual income rising to over 10,000 dollars, Turkey is now drawing in international investors who are testing the waters in the entertainment sector.
With the increasing prosperity in the economy, international stars that used to pass on including Turkey in their international tours are now lining up to schedule concerts. This year a number of famous performers such as Madonna, Zaz, Pitbull and Leonard Cohen will be playing for their fans in Turkey. The country, which was not a favorite destination in the past, now has nearly 100 shows listed every day. With 36,000 events organized annually, Turkey’s entertainment market is expected to rake in over four billion dollars this year.
A 400 MILLION DOLLAR INCREASE
According to Turkey’s Entertainment Sector Association (TESDER) Chairman of the Board Fırat Kasapoğlu, every year the sector’s revenue is on a rise. According to the figures, in 2010 the sector brought in 3.2 billion dollars, in 2011 3.6 billion dollars. At present the entertainment sector is expected to bring in four billion dollars in revenue. However, Kasapoğlu explains that the sector has a significant amount of growth potential. Drawing on the United States as an example, Kasapoğlu says that including media spending, the entertainment sector is worth 458 billion dollars. The entertainment sector in Japan is worth 169 billion dollars, while in both China and Japan the sector has reached 90 billion dollars.
A CENTER OF ATTRACTION
Paralleled with the increase in revenue obtained by the entertainment sector, internationally acclaimed event operators are now scheduling in Turkey for their tours. Kasapoğlu explains that foreigners are now aware of Turkey’s potential and are showing increased interest in Turkey. “Turkey has become a center of attraction in the entertainment sector,” says Kasapoğlu who explains that there has been an increase in the number of foreign events held in Turkey which brings with it a serious tourism potential. “Tourists come from neighboring countries in order to watch foreign music groups perform. Tourists came from Russia to see Tarkan for example. But also foreignners flock to Turkey to see performances by U2, Bon Jovi and Madonna. They also come to Turkey from Arab nations,” says Kasapoğlu.” […]
Source : Sabah