Client: Young Voices
Project: Young Voices Economic Impact and Social Value Assessment
Year: 2023
United Kingdom
Challenge:
Sound Diplomacy embarked on a comprehensive evaluation of the economic and social value impact of 27 Young Voices concerts held in January and February 2023. With 138,767 children participating, 186,435 audience members, and 19,837 teachers involved, the task was to:
Quantify the economic and social impact of Young Voices on the local economies of the 5 host cities.
Generate data to aid Young Voices in marketing, attracting partnerships, and expanding their programme.
Highlight the enduring legacy of the Young Voices initiative.
Strategy:
To unravel the multifaceted impact of Young Voices, our strategy integrated various methods:
Survey Analysis: We gathered in-depth insights through audience and participant surveys, yielding 1,884 responses. This direct feedback was crucial in understanding the personal and community impact of the concerts.
Operational Data Review: Data provided by Young Voices offered an inside look into the operational dynamics, contributing to a comprehensive understanding of the economic footprint.
Secondary Research: To augment our findings, we delved into secondary research, painting a broader picture of the 2concerts' influence in the context of each host city.
Economic Impact Analysis: Our analysis spanned five major venues: Birmingham Resorts World Arena, O2 Arena (London), Manchester AO Arena, Utilita Arena Sheffield, and Wembley London OVO Arena. We assessed the economic multiplier effect, turnover generation, employment impact, and Gross Value Added (GVA) by the concerts.
Social Impact Evaluation: We measured the social return on investment (SROI), gauging the social value generated for stakeholders. This included analysing benefits to children, parents, carers, teachers, and school staff, focusing on education, skills enhancement, wellbeing, civic engagement, and social connections.
Outcomes:
Young Voices concerts in 2023 not only energised local economies but also significantly enriched the social fabric of the communities involved.
Economic Impact:
The economic multiplier was 5.82, signifying a £4.82 gain for every £1 invested.
Total turnover in host cities was £10.0 million, with the majority driven by non-local attendee spend.
The concerts supported 2,369 local temporary jobs and the equivalent of 109 annual jobs.
GVA reached £5.5 million, with an average of £204,222 added per concert to the local economy.
Social Impact:
An impressive SROI of 32.52, translating to £32.52 of social value for every £1 spent.
Total social value generated amounted to £56,436,000, benefiting primarily children, followed by parents, carers, and educational staff.
Significant impacts were observed in stakeholders' education, skills, wellbeing, civic engagement, and social connectivity.
