The iconic quartet ABBA Voyage has significantly contributed to the economy of London, England, with a turnover of 323 million pounds, equivalent to Rp 6.3 trillion in one year, as outlined in a recent report.
The highly-anticipated avatar concert, scheduled to continue until at least November 2024 at the 3,000-capacity ABBA Arena in Queen Elizabeth Olympic Park, has delivered a substantial financial boost for London and the East London region surrounding the venue.
According to a report compiled by Sound Diplomacy and RealWorth, covering the period from May 2022 to May 2023, the show has contributed revenues of 322.6 million pounds or Rp 6.3 trillion to London’s economy and a Gross Value Added (GVA) of 177.7 million pounds or equivalent to Rp 3.5 trillion.
“The operational participation and expenditure have resulted in continued economic contribution to the local and city economy, indicating that as long as ABBA Voyage remains in London, it has the potential to significantly contribute to the city’s economic prosperity,” stated the report.
A significant portion, 42% of the total revenue, was generated within the local area – encompassing the Newham, Hackney, Tower Hamlets, and Waltham Forest areas – with equivalent revenues of 134.1 million pounds (Rp 2.6 trillion) and a GVA of 73.7 million pounds (Rp 1.4 trillion).
Factors contributing to this economic impact included spending on accommodations, food and beverage, transportation, shopping, and entertainment.
Furthermore, ABBA Voyage has created job opportunities for 5,075 individuals in London, including those directly involved in the concert and sectors influenced by the show, such as restaurant staff, retail sales employees, and hotel workers.
Michael Bolingbroke, CEO and executive producer of ABBA Voyage, expressed, “The presence of ABBA Voyage is anticipated to be long-lasting. The fact that in our inaugural full year of operation, ABBA Voyage has had an economic impact of £322 million on London is remarkable. Our goal is to maintain and increase this impact and ensure its longevity.”
In a five-star review of ABBA Voyage, NME characterized the concert as an “epic avatar mega-mix of a bold new world.”
Furthermore, NME added, “Aging rockers and pop stars are certain to emulate the concept, but replicating the ABBA Voyage experience will be challenging.”
It has also been reported that plans for the concert experience will extend to a global tour.
In a previous interview with NME, ABBA member Bjorn Ulvaeus shared insights on the future of the event.
“We aim to remain at this venue for as long as possible,” he said. “We hope they will host us for years, and we may replicate a similar experience elsewhere, in Asia, Australia, or North America. There are numerous promoters and cities with which we are currently in discussions.”
Regarding the possibility of securing a spot at Glastonbury, Ulvaeus expressed that it was not currently feasible, but added, “Perhaps in the future.”
ABBA Voyage has undeniably made a substantial impact not only on the music scene but also on the economy, validating that their legendary status transcends their music.
