Near $320 Million Will Bring City Six Scheduled Taylor Swift Concerts at Inglewood Stadium.
According to a report from the California Center for Employment and Economics, it is estimated that The city of Los Angeles has a local direct income of $160 million, with 3,300 people employed in the area..
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Taylor Swift’s six sold-out performances each at SoFi Stadium with a capacity of 70,240 people, will result in a total Los Angeles County GDP of $320 million through direct, indirect, and induced impacts..
“Taylor Swift’s current tour is estimated to have a significant economic impact on cities included as venues, up to $5 billion in total by some estimates. Reports from several cities up to Los Angeles show that these events have had a great revitalizing effect on the local tourism industry and city centers that are still struggling with the effects of the pandemic,” the study says.
Funds received from Swift concerts go to state and local governments through taxes, the Los Angeles hotel and tourism industry, local businesses, and residents..
The report mentions that a recent national poll conducted by QuestionPro found that the average attendee spent $1,328 on a Swift performance, including tickets, clothing, a singer and tour-related merchandise, food, drink, and travel..
For research, Hotel room rates are rated 16% higher, averaging $302 per night.although prices for accommodation in hotels closer to the stadium are higher.
“If Taylor Swift were an economy, it would be more than 50 countries,” said QuestionPro president Dan Fleetwood.
The study also took into account tickets for the Eras Tour concerts that were offered at resale, the estimated price of which reached 1605 US dollars..
“As a conservative assumption, the analysis suggests that 5% of tickets were sold in this market, providing additional income to local households,” the report says.
Taylor Swift’s performances at SoFi Stadium end this Wednesday night, August 9th.before the Eras Tour continues in Mexico City and Europe.
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Source: La Opinion
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