It’s now well-established that Estonia’s Elina needs around 65,000 euros to fund her Eurovision stage show — including projectors for her glorious and ever-changing dress.
The public broadcaster doesn’t have the cash, and fans have been waiting with bated breath to find out whether the network will find a donor to cover the bill. Some commentators have suggested that Elina’s businessman partner fund it all. But the broadcaster has said that’s not right, given that Eurovision is a national project.
Well now an academic has weighed into the debate. Elari Tamm, a lecturer at the Entrepreneurship University of Applied Sciences, has told DELFI that the state should offer donors a risk investment opportunity. It involves a bit of a gamble. An investor pays for the dress, and if Elina wins they get paid back several times over by the government.
“It’s difficult for the state to explain spending 65,000 euros on the Song Festival competition,” he says. “Eurovision may seem like light entertainment, but in fact it is one of the major events for the marketing of the country. If victory comes to Estonia, this is a great opportunity for nearly 200 million TV viewers to advertise Estonia as a destination, which is why it is worth the effort.”
“For example, if a private investor covers the 65, 000 euros worth of costs, the state will pay ten times more [to them] — or 650,000 euros for the prospect of a Eurovision event.”
“The game is as important as the song itself. The country could increase its chance of winning and hedge the risks by providing private investors with the opportunity to make a financial contribution and to return to the same odds in the event of success. And it’s not a big deal at all, given the annual spending on national marketing. The victory of Eurovision will drive hundreds of millions of viewers and thousands of tourists and journalists to Estonia.”
What do you think of the suggestion? What companies in Estonia do you think would be interested? Or you a private equity house ready to splash the cash? Sound off in the comments down below.