‘ABBA Voyage’ has boosted London’s economy with nearly £323 million in spending turnover in the year since its launch.
According to research compiled by Sound Diplomacy and RealWorth, the digital concert residency – which plays at the ABBA Arena in east London’s Queen Elizabeth Olympic Park – contributed £322.6million in turnover to the London economy and £177.7m in GVA (Gross Value Added).
“The operation and attendee spending are ongoing generators of economic contribution to the local and city-wide economies, demonstrating that as long as ‘ABBA Voyage’ is in London, it has the potential to contribute to the economic wealth of the city,” reads the report (via MusicWeek).
Spend on areas including accommodation, food and beverage, transport, shopping and entertainment was 42 per cent in the local area, including the boroughs of Newham, Hackney, Tower Hamlets, Waltham Forest.
Meanwhile, ‘ABBA Voyage’ has employed 5,075 workers in London, including those directly connected to the concert, plus staff in restaurants, sales, hotels and more.
Of the total direct attendee spend in the local area, £42.72million was attributed to 181,674 international visitors.
“The presence of ‘ABBA Voyage’ is felt in a way that will be enduring,” says Michael Bolingbroke, CEO and executive producer for ‘ABBA Voyage’. Knowing that in our first full year, the operations of ‘ABBA Voyage’ has had an economic impact in London of £322 million is extraordinary, and our challenge will be to maintain and grow this number, and to ensure that its effects are long lasting.”
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