Company Watch: Concerts hit a high note for the Indian diaspora

SINGAPORE – Local concert and events production company Maestro Productions has only staged four events so far under its name, but its chairman believes the firm has the potential to go public in three to four years.

Mr Parthiban Murugaiyan, who is also the managing director of the six-year-old firm, reckons doing so will help it “accelerate its global expansion and to strengthen its brand in the global markets”.

He started the company in 2017 to bring in big-name Indian music stars with top-notch concert production for local audiences and the Indian diaspora around the world.

Its debut production featured renowned Indian film composer Ilaiyaraaja at The Star Theatre in 2018.

“This is a specific niche target market; there’s huge potential for this to grow to a very big level of listing so that’s my aim,” Mr Parthiban told The Straits Times at Ishtara Jewellery in Serangoon Road recently.

Mr Parthiban is also chairman and managing director of the jewellery company and splits his time 50-50 between both businesses.

While he has share market ambitions for Maestro Productions, it is not certain that the firm will list here.

Mr Parthiban said the company, which operated under the name Meshana Media until late 2020, will consider various exchanges around the world and pick one that “will best meet our needs and global objectives”.

The firm has 10 employees and three offices. The Singapore outlet serves the Asia-Pacific region; one in Canada deals with the North American market while Europe is covered from Britain.

The demand is there; the proof in the pudding is in ticket sales. The March 4 concert starring wildly popular Indian music producer and singer Anirudh Ravichander at the Singapore Indoor Stadium sold all its 12,000 tickets within two days.

Local fans of Indian-American singer Sid Sriram were even willing to wait out the pandemic for two frustrating years in hopes of seeing their favourite star, with 60 per cent of ticket holders for the cancelled May 2020 show holding on to their tickets despite not knowing if and when the show could be restaged.

Their faith was rewarded when the event was eventually held at The Star Theatre last November.

Mr Parthiban, 51, noted that revenue for a concert ranges from $1 to $2 million, depending on the size of the gig, with profits ranging between 30 to 50 per cent. He declined to disclose more detailed financial figures.