Editor’s Note: This article is a sponsored post by viagogo
Unsold or unused tickets cost the UK economy an average of £629 (around $800) per seat, a new study led by the Centre for Economics and Business Research has found.
In turn, the secondary ticket market contributes £733 million (around $930 million) to the UK economy, partly due to non-ticketing revenue spent at local bars, restaurants, hotels, and retail businesses, supporting nearly 8,000 full-time jobs.
The study, commissioned by online ticket platform viagogo, examined the financial impact of unsold or unused tickets on the economy.
For those who purchased tickets through the secondary market in the last year, the study found that just 16% of the money spent went toward tickets. For example, fans who events such as Taylor Swift’s “The Eras Tour” spent an average of £715, with £112 being on the ticket, and a further £603 on retail (22%), hospitality (37%), and travel (13%).
Bethan Flanagan, an artist who hosted t-shirt making workshops for Taylor Swift fans coinciding with the singer’s concerts in the UK, was one such beneficiary of this increased exposure. “Taylor Swift’s concerts coming to the UK meant I had the opportunity to work on Taylor Town and ever since my life has been a whirlwind of activity,” she says. “Due to the popularity of her concerts, my commissions have gone up three-fold. It’s inspiring to see people choose to support a small, growing creative business like mine. I’ve always dreamed of opening my own fashion pop-up, and thanks to the exposure I gained from this project, I’m finally making this dream a reality.”
Of the 2,000 respondents who participated in the survey, 26% said they had used secondary ticket platforms. Of those aged 18 to 35, 38% noted their use of the platforms. These individuals cited selling spare tickets or wanting to skip the stress of pre-sale as the reasons they chose to use secondary ticket platforms. Among respondents who hadn’t previously used such platforms, 40% said they planned to use them in the future.
“At almost three-quarters of a billion pounds, secondary ticketing in the UK makes a significant contribution to the UK economy,” viagogo’s Global Managing Director, Cris Miller, said in a statement.
“When watching their favorite live events, fans are unquestionably passionate and willing to invest in the full experience,” Miller continued. “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.”
This is the latest study commissioned by viagogo. In May, another research report they spearheaded found that two out of five concert-goers in the UK plan to attend concerts alone.