Coldplay’s Portugal run generates €36m for economy
Coldplay’s four nights at the 50,000-capacity Estádio Cidade de Coimbra in Portugal in May generated €36 million for the local economy, according to the city council.
The Music of the Spheres shows were attended by 211,000 fans overall, with each visitor spending an average of €180, concludes the study by the Instituto Superior de Contabilidade e Administração de Coimbra (ISCAC).
Sapo Mag reports that Portuguese promoter Everything is Now invested €545,000 in renovating the stadium to enable it to host the shows.
The concerts had attracted some controversy beforehand when it was revealed the promoter would receive €440,000 from the municipality and was exempted from “municipal fees and prices” for the concerts. The authority also spent €28,000 on restoring the stadium’s pitch.
In return, Everything is New agreed to ensure the council was included as a partner on press materials and meet assembly and disassembly deadlines. It also guaranteed there would be no damage on the athletics track and pay electricity, water and gas consumption while the stadium was being used, among other obligations.
Coldplay’s Music of the Spheres World Tour began in March 2022 and will extend to a third summer
Francisco Veiga, VP of the Chamber of Coimbra, told a committee meeting the gigs offered an “intangible return” for the city, with the transport operation set up for the events also recording a €9,000 profit.
“It is worth investing in this type of concert,” he said, noting that it was only now possible to release the findings as he did not previously have “all the necessary elements” in his possession, including the amount invested in the stadium by Everything is Now.
On the possibility of the venue hosting further live music events in 2024, Veiga added: “There are many promised, but none signed.”
Coldplay’s Music of the Spheres World Tour, which began in March 2022, will extend to a third summer, with the dates for 2024 including the band’s first ever shows in Greece, Romania and Finland, as well as their first show in Rome since 2003 and first visit to Budapest since 2008.
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.
Everything Is New wins €440k Coldplay grant
Portuguese promoter Everything Is New will reportedly receive €440,000 from the municipality in which it is organising four Coldplay concerts.
The band will deliver four sold-out concerts at the 50,000-capacity Estádio Cidade de Coimbra, in the country’s former capital, on the 17th, 18th, 20th and 21st of May.
In a move that has sparked criticism from some councillors, Coimbra City Council has awarded Everything Is New €440,000 and exempted the promoter from ‘municipal fees and prices’ for the concerts.
In return, the promoter must ensure the council is included as a partner on press materials and within press communications. Everything Is New must also meet the assembly and disassembly deadlines between 1–25 May, guarantee that there will be no damage on the athletics track and pay electricity, water and gas consumption while the stadium is being used, among other obligations.
Mayor of the Coimbra City Council, José Manuel Silva, called the agreement “one of the best deals ever in this area for the city of Coimbra and its region” and said it serves to “place the city on the route of major world events”.
“This is one of the best deals ever in this area for the city of Coimbra and its region”
Silva also said that in addition to the media impact that the shows will generate, Coldplay’s concerts will be reflected “greatly in the local economy,” with “the two sectors directly benefiting the hotel and restoration, with obvious financial benefits”.
But although the deal was approved by a majority vote, some councillors have criticised the decision. “Direct and indirect global support for Coldplay concerts will be around one million euros,” one councillor said.
Another questioned the legality of “a large direct subsidy from the Chamber to a private company producing cultural events” and a third councillor pointed out that the council chose not to host the beloved 2023 Rally of Portugal Super Special because “there is no money”.
Mayor Silva contended that the agreement made with Everything is New is “exactly the same” as the protocol for Andrea Bocelli’s concert, in 2021, with the exception of the direct payment to the promoter.
He went on to say that the defined amount of support came about from negotiation with the promoter and there being other municipalities interested in the four Coldplay concerts. “We negotiated well and falling short of what was asked of us, we managed to get a competitive proposal and launch Coimbra on the route of major international events in the artistic field.
“Those who criticised the cancellation of the 2023 Rally of Portugal Super Special are the same ones who are now criticising Coldplay’s concerts,” said the Mayor. “Instead of bringing 20,000 people, we bring more than 200,000 people to Coimbra. The financial return is incomparably higher.”
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.