The recent ABBA Voyage concert is reported to have provided a significant economic boost to London, with expenditures reaching nearly £323 million over a one-year period. The concert, held at the 3,000-capacity ABBA Arena in Queen Elizabeth Olympic Park and scheduled to continue until at least November 2024, has proven to be a substantial financial contributor to both London and the surrounding East London area.
Research conducted by Sound Diplomacy and RealWorth covering the period from May 2022 to May 2023 revealed that the show generated revenue of £322.6 million for London’s economy and a Gross Value Added (GVA) of £177.7 million via Music Week.
According to the report, “The operation and participant spending make a sustainable economic contribution to the local and city economy, demonstrating the potential for ABBA Voyage to contribute to the city’s economic wealth during its presence in London.”
A notable 22% of the total income was generated in the local areas of Newham, Hackney, Tower Hamlets, and Waltham Forest, amounting to revenue of £134.1 million and a GVA of £73.7 million. Factors contributing to this economic impact include expenditures on accommodation, food and beverage, transportation, shopping, and entertainment.
In addition, ABBA Voyage provided employment opportunities for 5,075 individuals in London, including those directly involved in the concert as well as sectors impacted by the show such as restaurant staff, sales personnel, hotel employees, and more.
It is important to note that 36% of the £42.72 million direct participant spending in the local area was attributed to 181,674 international visitors.
Michael Bolingbroke, CEO and executive producer of ABBA Voyage, expressed his enthusiasm regarding the concert’s economic impact, stating, “The presence of ABBA Voyage is expected to have a long-lasting effect. Knowing that in our first full year of operation, ABBA Voyage has had an economic impact in London amounting to £322 million is extraordinary, and our challenge is to maintain and increase this figure, ensuring that its impact endures.”
NME, in a glowing five-star review of the ABBA Voyage concert, described the show as an “epic avatar mega-mix of a brave new world.”
Plans for the concert experience to go on a world tour have been discussed, with Björn Ulvaeus of ABBA expressing hopes to continue the event at its current venue for as long as possible. He also mentioned the possibility of creating similar replicas in other locations such as Asia, Australia, and North America.
As for the prospect of participating in the renowned Glastonbury festival, Ulvaeus acknowledged that it may not be feasible at the moment, although he added, “Perhaps in the future.”
With such a substantial economic contribution and international success, it is evident that the impact of ABBA Voyage goes beyond the music and entertainment sphere, demonstrating its ability to stimulate local and citywide economies while providing employment opportunities and cultural value.
