Economy benefits to tune of €1.3bn from live music and arts sector
The Irish economy benefits to the tune of €1.3bn annually from the booming live entertainment sector, a major new study reveals.
The study, believed to be the first of its kind for the Irish entertainment industry, estimates that every €1 spent on a ticket generates an additional €6.06 for the wider economy.
Backed by independent research, the 48-page analysis by London-based consultants BOP quantifies revenue generated directly by people attending live events including music, theatre and exhibitions across the island of Ireland, and the wider economic benefits from indirect spend on hotels, restaurants and pubs.
The findings, which will be launched later today in a report entitled Let's Celebrate 2017, reveal that live entertainment events, north and south of the Border - including music, theatre, comedy, family attractions and exhibitions - generated €1.7bn of additional revenue over a 12-month period, excluding actual ticket purchases. A total of 3.7 million people attended live entertainment across the island of Ireland in this period and a further 280,000 came from overseas, generating an extra 3.1 million bed nights.
Commissioned by industry expert Justin Green with Failte Ireland and IMRO, the report estimates the sector supports 8,700 jobs.
Sunday Indo Business