Sound Diplomacy finds ABBA Voyage to be Major Economic Win for Stratford
Strategic consultants Sound Diplomacy, along with social value consultancy RealWorth, have unveiled a comprehensive analysis on the socio-economic impact of the ABBA Voyage attraction in Stratford. The report, which may be requested from ABBA Voyage, a year and a half after the show's debut, reveals a significant financial injection into London's economy.
The groundbreaking ABBA Voyage concerts, featuring digital avatars of the legendary Swedish band, have contributed an impressive £322.6 million in spending and an additional £177.7 million in Gross Value Added (GVA) to the local economy in their first year. These concerts, staged at the custom-built, 3,000-seat ABBA Arena, have not only been a major attraction but also a substantial economic driver.
Designed by STUFISH Entertainment Architects, the ABBA Arena in Pudding Mill Lane began hosting the shows in May 2022. By the end of that year, the £50 million venue had seen over a million ticket sales, pricing up to £181.50 each, making it the sixth most visited paid attraction in London for 2022.
ABBA Voyage showcases digital "ABBAtar" versions of the members - Agnetha Fältskog, Björn Ulvaeus, Benny Andersson, and Anni-Frid Lyngstad - performing timeless hits like Mamma Mia, Voulez-Vous, and The Winner Takes it All. These digital performances, created by Industrial Light & Magic using motion capture technology, feature the band members as they appeared in 1979, accompanied by a live 10-piece band.
The report, commissioned by the show's producers, highlights significant benefits for the surrounding boroughs of Newham, Hackney, Tower Hamlets, and Waltham Forest. An estimated 42% of the total impact, valued at £73.7 million in GVA, was felt in these local areas.
A major portion of the local economic impact came from expenditures on accommodation, food and drink, transport, and shopping. Attendees, on average, spent an additional £103 on top of their ticket price, which rose to £135 across London. This spending underlines the broad influence of the show on the local economy.
Furthermore, the ABBA Voyage concerts have been instrumental in supporting over 5,000 jobs in London. This includes not only those directly employed at the venue but also in sectors benefiting from the spending by visitors.
The analysis also sheds light on the attraction's wide appeal, drawing numerous visitors from outside London. Nearly half of the non-ticket spending came from UK residents outside London, and over 40% from international visitors.
Michael Bolingbroke, executive producer for ABBA Voyage, expressed pride in the show's economic contribution, emphasizing the enduring impact and the ongoing challenge to sustain and grow these economic benefits.
The Mayor of London, Sadiq Khan, lauded ABBA Voyage as a testament to London's status as a global music capital and its robust recovery from the pandemic. Lyn Garner, Chief Executive of the London Legacy Development Corporation, echoed these sentiments, praising ABBA Voyage as a vibrant and successful addition to the Queen Elizabeth Olympic Park area.