ABBA Voyage hands huge boost to UK economy

ABBA Voyage has delivered a £1.4 billion (€1.7bn) boost to the UK economy since launching in 2022, according to music market development agency Sound Diplomacy.

Almost three million tickets have been sold for the show since it debuted at the purpose-built 3,000-cap ABBA Arena in London’s Queen Elizabeth Olympic Park in May 2022, under the direction of producers Svana Gisla and Ludvig Andersson and director Baillie Walsh.

The show stars the Swedish pop icons in avatar form, backed by a live band. Standard tickets range from £27.50 to £319.50.

Accounts filed by Aniara, the firm behind the virtual concert residency, previously revealed that ABBA Voyage grossed more than £100 million (€120m) in 2023 after attracting in excess of one million visitors.

And, based on thousands of responses from a post-event survey, Sound Diplomacy says the production has generated £1.4bn in total sales and spend by visitors. International customers contributed 31% of spending in the local area, with each visitor spending an average of £115.

“We know that people who live abroad are coming because of ABBA Voyage”

The organisation also estimates close to £775 million in gross value added to the UK economy, when taking into account sales, minus operational costs.

“We know that people who live abroad are coming because of ABBA Voyage – 90% of visitors from abroad have come to the UK to see the show and they’re building a holiday around it,” Michael Bolingbroke, the show’s CEO and executive producer, tells PA. “It’s extraordinary. It’s like the Olympics or a Formula One event – it’s that big in people’s minds.”

Bolingbroke says the band “chose the UK when they could’ve gone anywhere else” due to the country’s strengths in arena construction and production.

The entire venture cost £141 million and was funded privately from Swedish investors. Bolingbroke says the sum will take at least four years to recoup, adding that he is hoping the temporary structure stays at its current London home for at least another two years.

“It will certainly run for another couple of years and hopefully longer – in an ideal world we’d stay forever,” he adds. “But the land we’re on is, I think, at some point going to become housing, and we knew that from the beginning.”

“ABBA Voyage has been a phenomenal success story for London, boosting our economy by more than £1bn”

London mayor Sadiq Khan says: “ABBA Voyage has been a phenomenal success story for London, boosting our economy by more than £1bn and showing again why our capital is a global leader for music and culture.

“The fantastic show is an enduring testament to ABBA’s timeless popularity, as well as providing cultural, financial and social benefits. London is proud to host ABBA Voyage and we look forward to continuing to welcome fans from far and wide to see this unique concert as we build a better London for everyone.”

It ILMC 37 Sound Diplomacy’s Shain Shapiro will be leading a session exploring ways to demonstrate to policymakers how a thriving music scene goes hand in hand with a dynamic cityscape.

Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

Read More Like This

News|30 Sep 2024

ABBA Voyage revenue topped £100m in 2023

The groundbreaking production sold more than 1m tickets last year, with the company behind it posting a £6m profit

News|23 Oct 2024

German arena plans receive huge funding boost

The long-delayed 7,000-cap Würzburg Arena project has taken a major step forward after the city approved a funding package

News|01 Oct 2024

International stars boost economy in Taiwan

Kaohsiung, in southern Taiwan, has hosted concerts with the likes of Ed Sheeran, Bruno Mars and Coldplay in the past 12 months

News|26 Nov 2024

Swiss promoter AllBlues Konzert changes hands

Founded in 1994, the Winterthur-based firm has promoted shows for the likes of Ed Sheeran, Gregory Porter, Diana Krall and Joe Bonamassa