Ken Ip says a novel entertainment strategy could completely redefine Hong Kong’s image for tourists, investors and residents

Is it possible for a pop concert or a football match to revive a city’s economy? In the Hong Kong Special Administrative Region, that’s no longer a hypothetical question — it’s fast becoming a proven strategy. From sold-out Coldplay concerts to upcoming football friendlies featuring Manchester United and AC Milan, Hong Kong is embracing a new model of economic revitalization: the mega-event economy. But if we want to see this momentum continue, we need more than good shows. We need strategic thinking, inter-industry collaboration, and long-term planning.

There was a time not long ago when the term “concert economy” would have sounded like hyperbole. But now, the impact of live events ripples far beyond the stadium gates. Outdoor food stalls near the Airside mall in Kai Tak, hotels in the area, and shops across the city report surges in footfall and revenue on event nights. And these aren’t isolated upticks — they’re part of a broader ecosystem of tourism, retail, hospitality, logistics, and entertainment converging.

This is no coincidence. Hong Kong is doubling down on its positioning as a hub for world-class events. The newly unveiled Kai Tak Sports Park is more than a venue — it’s a statement. With an impressive lineup of concerts and matches, it represents the city’s ambition to not just recover, but to redefine itself as a center for cultural and experiential capital. Jay Chou, Mayday and JJ Lin, are set to perform. Football giants like Arsenal and Liverpool will turn the same arena into a pitch for global attention.

Crucially, this isn’t just a commercial opportunity — it’s a policy priority. The Culture, Sports and Tourism Bureau is actively driving the agenda, sending a strong message: Mega-events are now central to Hong Kong’s economic identity. In a region where cities compete not just for capital but for cultural cachet, the ability to stage compelling, crowd-pulling experiences has become a form of soft power.

But while the limelight is bright, backstage needs work too.

Sustaining a mega-event economy requires more than imported talent and shiny venues. It requires integration. Concerts and football matches can’t exist in silos. To truly unlock their value, we must connect them to other sectors. Hotels should package accommodations with event perks and experiences. Airlines can align promotions with major event calendars. Restaurants, ride-hailing services, and retailers should see an event not as a disruption to brace for, but as a shared opportunity.

This is where Hong Kong can learn from Macao’s recent approach. When the city hosted popular mainland acts like Dao Lang, it didn’t just sell tickets — it sold a narrative. Packages were curated for specific audiences, turning concerts into full-blown tourism experiences. The result? More overnight stays, higher spending, and a broader economic footprint. Hong Kong, with its global connections and deep cultural blend, has even greater potential to replicate and refine this strategy.

Our advantages are clear. A world-class airport, efficient public transport, bilingual talent, and a compact geography make it easy to move people — and money — around the city. The Guangdong-Hong Kong-Macao Greater Bay Area adds another layer, offering access to a regional market of tens of millions, many of whom see Hong Kong as both exotic and familiar.

But the way ahead isn’t without obstacles.

Promoters still face a thicket of bureaucratic hurdles. Event approvals, crowd control measures, and licensing procedures remain cumbersome and often inconsistent. The regulatory framework hasn’t caught up with the ambition. A more coordinated, transparent system could make the city more attractive to organizers and investors alike.

Then there’s the issue of venues. Despite recent additions, Hong Kong still lacks a diversified ecosystem of performance spaces. The Kai Tak Sports Park is a step in the right direction, but it cannot — and should not — be the only game in town. We need mid-sized, flexible venues across the city to accommodate everything from indie acts to regional conferences. Culture can’t thrive on mega alone; it needs room to breathe.

And most importantly, we must ensure that these events leave something behind. Not just economic data, but memory, identity, confidence. The mega-event economy is not just about GDP. It’s about the atmosphere of a place. It’s how cities tell their story to the world — and to themselves.

Hong Kong has long been a stage for cultural hybridity — where Cantopop concerts and Broadway shows coexist, where esports tournaments draw as much energy as Chinese opera. That diversity is our strength. And right now, the world is watching.

If we get this right, mega-events won’t be a short-term fix, they’ll be a long-term signature — one that redefines what Hong Kong stands for in the eyes of tourists, investors, and most of all, its own people.

The question is no longer whether events can boost the economy. The question is whether we’re ready to build an economy that supports — and is supported by — events. That requires vision, infrastructure, and policy reform. But above all, it requires belief that culture, sport, and celebration are not extras in a city’s development story. They are the main act.

And for a city long searching for its next big idea, that might be exactly what Hong Kong needs.

The author is chairman of the Asia MarTech Society and sits on the advisory boards of several professional organizations, including two universities.

The views do not necessarily reflect those of China Daily.