Taylor Swift is far from the only queen of the stage when it comes to economic impact

16.08.2024 - 12:29 / breakingtravelnews.com / Taylor Swift

While Taylor Swift continues to captivate the world with her sold-out performances and undeniable talent, a comprehensive analysis by The Data Appeal Company - part of Almawave Group , reveals that other major musical events are making significant contributions to local economies and the international tourism landscape in 2024. This analysis of three prominent events highlights the music industry’s broad impact, showing how hosting such events attracts visitors, boosts local businesses and the hospitality industry, and creates a positive feedback loop through social media promotion.

The Data Appeal Company collects and analyzes data from various Online Travel Agencies (OTAs), including major players like Booking.com and Expedia, to provide a comprehensive view of travel destinations. This data, along with spending figures, is sourced from The Data Appeal Company’s core platform, D / AI Destinations, which is utilized by international tourism boards and cities. This study is based on studying the impact of these events-multiple dates concerts and music festivals- on local economies and tourism during the specified dates:

Coldplay in Rome on July 12, 13, 15, and 16, 2024;
Adele in Munich on August 2, 3, 9, 10, 14, 16, 23, 24, 30, and 31, 2024;
and Rock in Rio (a music festival) in Rio de Janeiro from September 13 to 15 and 19 to 22, 2024.
Economic impact highlights

The analysis reveals significant economic impacts from these major musical events, highlighting how these performances stimulate local economies through increased spending on accommodation and other services. These events not only attract large audiences but also drive substantial changes in hospitality and short-term rentals occupancy rates and prices. The following sections detail the economic effects observed from key events featuring prominent artists like Adele, Coldplay, and the Rock in Rio festival, showcasing their influence on the cities they visit.

Adele in Munich. Adele’s exclusive European performances in Munich, held at a specially constructed open-air arena at Messe München set to accommodate up to 80,000 people ,are drawing crowds and driving up hotel prices. The events have already caused a significant increase in hotel rates by up to 110% when compared to weekday prices during August, despite the concert still not being sold out. These concerts are anticipated to have a substantial impact on the local economy, especially considering Adele’s potential pause in touring following these dates.
Coldplay in Rome. Coldplay’s concerts in Rome have drawn approximately 70,000 attendees and generated an estimated spending of over €17 million. The audience size and spending highlights the widespread appeal and economic benefits of