macro economic effects of live events
THE MACROECONOMIC EFFECTS OF LIVE EVENTS By: Sarah Ilori BACKGROUND: LIVE EVENTS FROMAN ECONOMIC PERSPECTIVE Live events, such as concerts and sporting events, have historically had a significant macroeconomic impact in the United States. These gatherings boost economic activity by generating revenue over various sectors of the entertainment industry, including hospitality, tourism, transportation, and retail. Major sporting events, such as the Super Bowl, World Cup, and NBA Finals, draw millions of viewers and attendees, increasing advertising revenue and sales for local businesses. Concert tours by popular artists like Beyoncé and Taylor Swift generate significant revenue for the entertainment industry while also providing employment opportunities for venue staff, promoters, and support personnel. ECONOMIC ACTIVITY GROWTHIN The Concert and Live Entertainment Industry is a significant economic engine for growth in the United States. These economic impacts includes direct, indirect, and induced effects which generate sustained growth. Visitor spending is a direct factor to economic growth within an economy and it is calculated by multiplying the number of visitors times per person spending. 5 Ways Live Events Can Generate Economic Growth Creates jobs Promotes destinations while enriching communites Boosts tax revenues Catalyst forinfrastructure development Increases revenue for local businesses REVENUECOMPARISONS ECONOMIC IMPACT FROMABROADER PERSPECTIVE According to a study from Oxford Economoics In 2019, the industry’s total nationwide economic impact of $132.6 billion supported 913,000 total jobs with associated labor income of approximately $42.2 billion. Overall, the live events industry generated a total fiscal impact of $17.5 billion in 2019, including nearly $9.3 billion in federal tax revenues and $8.3 billion in state and local tax revenues SWIFTONOMICS Taylor Swift’s performances as part of her Eras Tour have had a significant positive effect on local economies worldwide . For example, a study by the Common Sense Institute found that just two shows by Taylor Swift in Denver contributed a staggering $140 million to Colorado ‘ s GDP, highlighting the undeniable correlation between megaconcerts and lasting tourism benefits. Fans have been spending more than $1,300 on average on tickets, travel and new outfits forthe concert night, according to Fortune. The Eras tour could generate up to $4.6 billion in consumer spending for the U.S. economy in total. FORLEISURE Having endured months of isolation, consumers are yearning for the cultural experiences that they had sacrificed during lockdown. The absence of such events during the pandemic has driven up excessive demand. Despite pressure from inflation driving up prices for basic necessities and everyday items. The impact of this “funflation” very well may continue beyond Taylor Swift and Beyoncé’ s tours due to market trends including consumer spending shifting to experiences and strong sponsorship forlive events. Even the NFL continues to shatter viewership records thanks to the everexpanding landscape of live broadcasting. An average of 17.9 million people watched regular-season games this season, up 7% from the season before. ECONOMIC BENEFITS: PRUDENTIALCENTER NEWARK, NJ Led to upgrades within the food, hospitality space and tech sector within Newark. Required word count: 2750 words. A Key Player in Newark’ s Re-Branding Efforts, Newark It’s one of four U.S. cities chosen by the Obama Foundation’s My Brother’s Keeper Alliance for positively shifting outcomes forits residents. Over the past decade, the company has invested $1 billion in Newark to create inclusive pathways of opportunity across the community. Including redevelopments that include housing, like the Hahne building downtown and Society Hill in University Heights. THANK YOU!
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