atans1

F1 & “nation-building, constructive” media

In Uncategorized on 19/10/2010 at 7:27 am

Today there was a news item that reminded that the govmin was studying the economic benefits of the F1 race before deciding on whether to proceed with more races after the present contract expires.

This reminded me of my initial reaction when the annc was first made a few months back: “Waz this? Could all the reports from SPH and Mediacorp abt all the benefits of the F1 races be nothing but spin and rubbish?’

There was nothing in the media reports abt anything other than that F1 was a success economically for S’pore. Surely the “thorough” study means that things were not as was reported.

SPH as a listco, pls remember that future profits partly depend on whether S’poreans can believe yr reporting on non-political issues. The Internet means that the quasi-monopoly that SPH enjoys, gets eroded.

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  1. Why is it spin and rubbish? I’m a Singaporean that has enjoyed the F1 races greatly, and as a motorsports fan, I’m definitely hoping for the GP to remain on our shores.

  2. You could say the same about the drive to make Singapore a “conference” hub.

    I was there when the IMF-World Bank conference hit Suntec City a few years back. The retailers really suffered as the place became a ghost town due to the inconvinience.

  3. I’ve been involved in the race for all 3 years now. Like you, I tend to read more broadly to get a sense whether Singapore truly benefits from the race. It is not as bad as you suspect, as the numbers have been quite encouraging. In terms of benefits it is by far much better than that other big inaugural event earlier this year, and it also looks like the initial estimates by the various parties in the feasibility study stage have been generally accurate.

    Marina Square and Suntec retailers will always suffer during the road closures but the benefits to the hotels, F&B outlets, clubs, and other entertainment businesses hopefully makes up for that.

    I think this event has a chance of staying over the longer term if incremental improvements can be made in terms of cost, quality, and efficiency. These are not far-fetched goals, and given the “cool” image that Singapore is attempting to project with the IRs and what not, I’m quietly optimistic that I’ll still be working on this event beyond the 2012 and 2014 milestones.

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