Young people in debt because of borrowing money through an app to buy tickets to see BlackPink shows

In mid-November 2022, 70,000 people lined up for hours to buy tickets to BlackPink's Born Pink concert in Jakarta, Indonesia.

British band Coldplay recently announced that all tickets for their upcoming Music of the Spheres world tour in Jakarta, scheduled for November, are sold out.

BlackPink's concerts attract tens of thousands of spectators every night.

For many, this is a welcome sign. But according to Bloomberg, some locals are using online loans to pay for shows.

That prompted the Financial Services Authority (OJK) to warn Indonesians to stay away from “buy now, pay later” services just to get concert tickets.

“Most of those who have difficulty repaying their loans usually borrow for consumer needs, such as buying new appliances, entertainment, fashion , and even recently buying concert tickets,” OJK commissioner Friderica Widyasari Dewi revealed.

BlackPink held a performance as part of their “World Tour Born Pink” at Gelora Bung Karno Stadium in Jakarta, Indonesia on March 11 this year.

About 70,000 fans had to spend between 1.3 and 3.8 million rupiah (about 2 to 6 million VND) to buy tickets to see their idol perform.

According to Bloomberg, Indonesia is also the world's 11th largest e-commerce market with expected revenue of more than 44.8 billion USD this year, surpassing Brazil.

Against that backdrop, the country's outstanding loans through digital platforms totaled 51.5 trillion rupiah (equivalent to VND81.288 trillion) in May, up 28 percent from a year ago.

According to a United Nations report, the music industry is one of the fastest growing of 16 creative industries in Indonesia as it embraces digitalization. During the pandemic, Indonesia has become one of the top streaming hubs in Southeast Asia for Spotify.

More than 50% of people in the music industry use e-commerce to scale production and markets.

This factor may explain why Indonesia is an ideal destination for top music groups, previously BlackPink and soon Coldplay.

Bloomberg said that, besides the positive impact, e-commerce is promoting a culture of "getting rich by the trend". Showing off wealth online is now a habit and can lead to violent crime. It can also create unrest and public backlash, especially against officials.

Source: http://www.baogiaothong.vn/gioi-tre-no-nan-vi-vay-tien-qua-app-mua-ve-xem-show-blackpink-d598474.html