Sport & music fans buying resold tickets bring £733 million & 7,736 full-time jobs to local businesses
SPORT and music fans with resold tickets have contributed £733 million to local businesses which support live events.
The assessment of the economic impact found 7,736 full-time equivalent jobs were supported by purchases made via secondary ticket platforms.
By enabling the resale of seats that might otherwise be empty, the secondary market contributes £629 per seat in non-ticketing spend to the local economy, filling a revenue void that would be left by the primary ticket market.
Eight in 10 (81 per cent) of the jobs are within the accommodation and food service sector, with 10 per cent in transport and nine per cent in retail.
The analysis was carried out by the Centre for Economics and Business Research (Cebr) and commissioned by viagogo, which also polled 2,000 adults revealing nearly a quarter (24 per cent) of sports fans’ budgets goes toward food and drink in and around the stadium at a match.
A further 13 per cent is covering the cost of travel – with just 15 per cent being spent on the actual ticket.
Another 12 per cent of their overall budgets is to secure accommodation when staying overnight for the action.
In comparison, 16 per cent of concert spending goes toward a ticket bought via the secondary market for music fans.
With 22 per cent of their overall spend being allocated on clothing, accessories, merchandise and souvenirs.
Food, drink and accommodation costs take up 37 per cent, and 15 per cent goes on travel for gig goers.
Kate Stewart, owner of The Sandon Pub in Liverpool, near Anfield Stadium, said: “As a small business we depend on the guaranteed footfall generated by full attendance at live events.
“We’ve had huge acts like Taylor Swift and Pink playing this summer and people really push the boat out on making the most of the occasion.
“So much so that we see a spike in revenue and we need to hire more staff to cope with the influx – which is always good news.”
The poll went on to find sports fans in the North East outspent those in any other part of the UK, outside than London, to see their teams live.
On average, they were willing to pay 30 per cent higher than the UK average to see their favourite team and 38 per cent more to see their favourite music artist perform live.
Cris Miller, global managing director at viagogo, said: “At almost three-quarters of a billion pounds, secondary ticketing in the UK makes a significant contribution to the UK economy.
“Whether watching their favourite sports teams or musical act, fans are unquestionably passionate about live events and are willing to invest in the full experience.
“Safe, regulated marketplaces like ours play a vital role in ensuring venues are vibrant and full, which in turn supports nearly 8,000 jobs in the hospitality and retail sectors.
“We’re committed to ensuring fans have greater access to these unforgettable experiences, and it’s clear that their passion has a positive ripple effect on the wider economy.”
Owen Good, head of economic advisory at the Centre for Economics and Business Research, added: “The secondary market is dictated by classical forces of supply and demand, which drive both ticket availability and price.
“As it meets the needs of consumers by giving them flexibility in attendance, timing and pricing coupled with variety, it also supports the generation of business revenue at different times to the primary, creating a unique distinction between the two.”
