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Liverpool is a city with a rich cultural background, with many world-renowned musicians emerging from the city, from The Beatles to Frankie Goes to Hollywood. As a result, Liverpool is recognised as a UNESCO City of Music. This is a title awarded to top cities across the world for their historical contribution to musical arts. Additionally, the city was recognised for the state-of-the-art nurturing of musical talent through the form of education.
In order to unveil Liverpool as the host city for Eurovision, there was a thorough examination of the city. This included how the city could handle high levels of tourism, the quality of facilities and the safety of tourists. Liverpool passed this examination with flying colours. The city has top-class amenities and was able to attract over 60 million tourists to the city in 2019, before the pandemic, contributing £5 billion to the local economy.
How Will Liverpool Benefit?
Tourism levels will rise with an estimated 50,000 people in attendance for the event. Furthermore, the broadcast will attract about 200 million viewers at home, putting Liverpool in the global spotlight. In the long term, this will keep tourism levels rising by an additional 5% per year. As a result of heightened tourism levels, local businesses across the city will benefit from increased footfall.
Furthermore, this increased footfall will benefit short-term lets, hotels, and transport businesses within the city. In fact, accommodation prices have risen tenfold for the event dates. Tourism currently accounts for 50% of the city’s annual economic income, so the city will be keen to continue to build on the momentum.
Eurovision will create over 5,000 jobs in Liverpool city regions, with pop-up job centres created to fill key positions required. These positions will be across a range of industries, from media to hospitality. The recruitment drive across Liverpool is expanding to areas beyond the city centre, as the positive influence of the Eurovision event has a ripple effect throughout the city.
Whilst some jobs will be temporary, the increased experience of residents will open up further opportunities in the city. Whilst, Liverpool City Council has assured that many jobs will be permanent contracts. Furthermore, it will allow locals to showcase the best of their abilities. The success of the event could open the door to future events to be held in the city, creating further opportunities and sustained growth for the job market.
The event is expected to net up to £30 million in profit, which will go into the local economy of the city. Liverpool City Council has invested heavily in recent years to create new homes and jobs in the city. As a result, the £30 million profit generated through the event will be reinvested into regeneration projects around the city.
The long-term boost to tourism is expected to raise up to £260 million by 2026, according to the Liverpool City Region Combined Authority. This is expected to help the city exceed the projected 6% economic growth, which was forecasted in 2022. Furthermore, the UK government has invested an additional £10 million to help the city facilitate the event, which will be used to increase the quality of venues and running costs.
Huge cultural events will always create an immense economic boost in the host city. Therefore, investors can use this information to their advantage by acting quickly. Particularly for investors who look to benefit from short-term lets, investing in cities that have the infrastructure to support large events is vital. Additionally, long-term investors can benefit from the economic growth of an area and the creation of jobs, which will boost rental demand.
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