Ummmm! So Mr Bishop says we need to have an extra 20 concerts a year because we are missing out on hundreds of millions of dollars. So each concert generates an extra $10 million ?? Yeah right !
No wonder the country is in the crap with comments like that.
The country gets overseas $$$ from stadium hire, hotel and restaurant for the band and crew and some local hire.The band takes the bulk of the ticket revenue OUT of the country. Its a net loss for NZ.
As has been pointed out concert ticket money is discretionary spending. Its already in the system. Someone who has cash for a ticket would probably spend that money somewhere else in NZ if the concert wasnt on.
Subsidising concerts is BS economics. If you want to get overseas revenue do a multi million $ overseas advertising campaign to get foreign tourists to bring foreign capital and spend it in NZ
No wonder the country is in the crap with comments like that.
The country gets overseas $$$ from stadium hire, hotel and restaurant for the band and crew and some local hire.The band takes the bulk of the ticket revenue OUT of the country. Its a net loss for NZ.
As has been pointed out concert ticket money is discretionary spending. Its already in the system. Someone who has cash for a ticket would probably spend that money somewhere else in NZ if the concert wasnt on.
Subsidising concerts is BS economics. If you want to get overseas revenue do a multi million $ overseas advertising campaign to get foreign tourists to bring foreign capital and spend it in NZ
Bishop's comments are based off an Independent University of Auckland report.
There is no given that a person's discretionary spending on an EP concert, would be channelled somewhere else into the domestic NZ economy as an alternative.
Since the Covid buying binge ended, the NZ economy has staggered along and consumer spending has basically ground to a halt. Ask any furniture or spa pool retailer. But once the borders reopened Kiwis couldn't get wait to go travelling overseas again. It's the one spending sector that has remained strong from 2022 (borders opening) to now - Overseas travel.
Taylor Swift bypasses NZ, thousands of Kiwis (Air NZ put on extra flights) jump on a plane to Sydney & Melbs to spend their hard earned in Oz. NZers spend millions in Australia each year on short trips across the Tasman attending events from Bathurst to the Melbourne Cup to an opera at that big building in Sydney Harbour.
It's the same logic all around the world as to why cities scramble to entice artists, sports events etc to come to their cities. Pretty much every State Govt in Australia is trying to get the Matildas to play in their patch by offering financial assistance to the FA through their State Tourist boards.
And then there is just the hard to measure stuff of living in a city that's perceived as really vibrant and exciting. I remember when younger, coming across Euro backpackers in NZ, and asking for their thoughts on Aotearoa. 'Beautiful to visit, but a bit too quiet and dull to live in, we are off to work in Sydney' - was fairly common.
I mean these are yes young folks in their 20s, a bit like us all going to London in our droves at a similar age. But hey NZ is in a competitive market for trying to entice in young skilled immigrants. Not every construction engineer from Manchester wants to do quiet bush walks like NIMBY Helen. Some just want get on the lash and watch Oasis live.
https://www.rnz.co.nz/news/business/574110/eden-park-concerts-can-become-bigger-money-spinners-for-auckland-report-says
"Put simply, it shows how events at the stadium support local businesses, create jobs, attract visitors, and ultimately enhance Auckland's global profile," the report said.
Concerts delivered the largest returns, it said.
"A typical large concert adds around $8.3 million to Auckland's GDP, supports 114 [full time equivalent] jobs, and generates $4.3 million in household incomes per event night.
"Medium-large concerts also have substantial impacts, averaging $6.4 million GDP, 88 [full time equivalent jobs], and $3.3 million in household incomes per event night."