The value of events – Let’s Celebrate!
Just recently, a report was released that shed some light on the economic and cultural impacts of the live entertainment events in Ireland between 1st March 2015 and 29th February 2016.
Some researchers argue that measuring the economic and cultural impacts isn’t fully measuring the success such events.
According to the triple-bottom line theory, aside from economic impacts, there are two other very important aspects to investigate when measuring the positive impacts of events, namely social and environmental impacts. In an ideal world and with the right resources, it would be great to research all three impacts within the industry.
For the moment, though, I am glad to see some aspect of events on the island of Ireland starting to emerge and to be explored in the first place. The industry in Ireland, as well as globally, is still young and hopefully this report is just the start of many great insights to come.
The study, titled ‘Let’s Celebrate 2017 The Cultural and Economic Contribution of Live Entertainment Events in Ireland’, was led by Justin Green of Wide Awake Communications. Researchers analysed Ticketmaster data and surveyed 5,764 respondents to yield its findings.
The report explores the economic impact of live entertainment geographically and by music genre, giving a comprehensive overview of the current state of live entertainment events on the island of Ireland.
It’s important to note that less than 50% of actual tickets sold by Ticketmaster in the period in question have been included for audit in this study.
According to the report, the numbers quoted below potentially under-represent the actual effect that live entertainment events have had on our economy.
Here are some of the points I felt were particularly celebration-worthy:
- The report suggests that across the island, Ticketmaster events generated €1.7bn of net additional revenue.
- Live events on the island of Ireland are proposed to have created at least 3.7m bed nights in the hospitality sector.
- For every €1 spent by an attendee on a ticket to attend a live entertainment event on the island, an additional €6.06 was generated within Ireland’s economy, according to the report.
- It is suggested that 78% of visitors said that they would return to Ireland because of their experience of the live entertainment scene here.
- Almost 11,400 extra jobs were created because of the live events that happened here, according to the report.
As the report suggests, the findings illustrate that the live entertainment sector holds huge significance for the economy here and acts as a ‘facilitator’ of growth within the tourism sector and the economy across the country.
An industry perspective
The report refers to a wise economic saying early on, suggesting that ‘if it is not measurable then it does not exist’, proposing that up to now, the live events industry in Ireland has been overlooked in terms of its contribution to Ireland’s economy.
I feel that Peter Drucker’s ‘what gets measured gets improved’ may be even more fitting here. As someone who is hoping to make a career in the industry, I am delighted to see such a comprehensive report in circulation; the first of its kind.
The bottom line
This document is genuinely blissful bed-time reading for those of us who want to develop the industry into something even greater than it already is.
Not only is the value of the sector evident, but the report also shows that the live entertainment event industry is one that is taking a stand in and of itself, and those working within it are passionate about showing its significance.
Here’s hoping we see continued growth in the recognition of the economic value of events on our tiny island in the coming years.