Viagogo Study: Secondary Sales Contribute $940 Million to Local Economies
A new study, conducted by secondary ticketing site viagogo and UK’s Centre for Economics and Business Research, found that the UK’s secondary ticketing market contributed £733 ($941 million) to local businesses that support live events.
According to the study, fans who purchased tickets on the secondary market helped support 7,736 full-time employees by attending events, equating £156 million ($200 million) in employee compensation. Over 80% of those jobs were in either accommodation or food service, while 10% were in transit and 9% in retail. The findings summary notes that fans spend up to 715 on retail, accommodation, and travel, while sports fans spend up to £873, “reflecting their dedication to the team.”
viagogo’s global managing director Cris Miller said that “at almost three-quarters of a billion pounds, secondary ticketing in the UK makes a significant contribution to the UK economy,” noting that whether its a a sports team or musical, fans are “unquestionably passionate about live events and 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 support nearly 8,000 jobs in the hospitality and retail sectors,” Miller said. “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.”
Additionally, the study found that fans generate business for the industries around the event, averaging £629 per seat. The research notes that on average, only 16% of concert spending goes towards a ticket on the secondary market, while fans typically spend the most money on travel to-and-fro the event, as well as clothes, merchandise, accommodation, and food.
Kate Stewart, owner of Liverpool’s Sandon pub, noted in a statement that “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,” Stewart said. “So much so that it means we need to hire more staff to cope with the influx — which is always good news!”
So, what are fans willing to pay? The research notes that people are more likely to spend more money if they’re able to obtain “bragging rights,” with one in 10 people saying they want to buy a ticket to a concert to be able to tell others they went to the event — and willing to spend up to £1,534 to do so.
