ABBA Voyage: London’s £322.6M economic hit in first year

ABBA Voyage didn’t just hit the stage; it struck London’s economy with a powerful chord, contributing a remarkable £322.6 million (around $408 million) in turnover during its first operational year from May 2022 to May 2023.

In its inaugural year, ABBA Voyage made a resounding economic impact on London, raking in a substantial £322.6 million (approximately $408 million) in turnover between May 2022 and May 2023. The digital reincarnation of the iconic ABBA band took the stage seven times a week at the purpose-built 3,000-capacity ABBA Arena in East London, attracting over 1 million visitors, 20% of whom journeyed from beyond the UK.

Crafted by ABBA members Agnetha Fältskog, Björn Ulvaeus, Benny Andersson, and Anni-Frid Lyngstad, directed by Baillie Walsh, and produced by Svana Gisla and Ludvig Andersson, ABBA Voyage commenced on May 26, 2022. The collaborative effort with Sweden-based Pophouse Entertainment and George Lucas-founded Industrial Light & Magic, renowned for its work on Star Wars, resulted in a groundbreaking show.

The economic analysis, conducted by global research firm Sound Diplomacy and social value consultant RealWorth, affirms ABBA Voyage’s profound positive impact on London and surrounding boroughs. Key statistics from the report highlight the series’ contribution of £322.6 million to the London economy, including the economic value generated during the ABBA Arena construction and the show’s operation.

The report also unveils a Gross Value Added (GVA) of £177.7 million ($225.13 million) in the first operational year. This GVA encompasses the investment in ABBA Arena’s construction, the turnover of ABBA Voyage, and the turnover of other sectors benefiting from attendee spending.

ABBA Voyage proved to be a catalyst for employment, providing opportunities for 5,075 workers in London across various sectors, including those directly linked to the concert and others supported by attendee spending. Notably, international visitors played a significant role, contributing £42.72 million (36%) to the local area’s direct attendee spend and accounting for 43% (£83.4 million) of the total direct attendee spend in London.

With these impressive figures, ABBA Voyage’s economic and social influence is poised to be an annual phenomenon, leaving a lasting mark on the cultural and economic landscape of London.

Image Credit: Flickr | Raph_PH | CC BY 2.0 DEED