Fanonomics: How the secondary ticketing market is boosting the local economy across the UK

Across the UK this summer, we’ve witnessed the impact of one almighty cultural juggernaut: Taylor Swift.

The Eras Tour will return to Wembley for its concluding European shows later this month, with thousands of fans boosting the impact of what has already become the highest grossing tour in history.

And while the memories of swapped friendship bracelets and seeing Taylor up close and personal will live long in the memory, so too will the economic impact for all the cities that hosted the Eras Tour.

This is reflected in the newly released ‘Fanonomics’ research, led by the Centre for Economic Business Research (Cebr) and commissioned by viagogo, which reveals that fans purchasing tickets on secondary marketplaces over the last year contributed £733 million to local businesses and 7,736 full time jobs.

Taylor’s fans played a huge part in this no doubt, but praise must also go to the fans of stadium-fillers like P!nk and Bruce Springsteen, who also parted with their cash when their tours arrived on the continent.

Kate Sandon, owner of The Sandon Pub in Liverpool, witnessed this growth first hand and insisted that her business wouldn’t survive without the fans who flock to the pub before attending a gig at Anfield Stadium.

She said: “As a small business we depend on the guaranteed footfall generated by full attendance at live events. We’ve had huge acts like Taylor Swift and P!nk playing this summer and people really push the boat out on making the most of the occasion. So much so that it means we see a 1,000% increase in revenue and need to hire more staff to cope with the influx – which is always good news!”

Similarly, local artist Bethan hosted some T-shirt making workshops for Swifties and was commissioned to do paintings for Liverpool Council and Make CIC’s Taylor Town project.

“Taylor Swift’s concerts coming to the UK meant I had the opportunity to work on Taylor Town and ever since my life has been a whirlwind of activity,” she explained.

“Due to the popularity of her concerts, my commissions have gone up three-fold. It’s inspiring to see people choose to support a small, growing creative business like mine. I’ve always dreamed of opening my own fashion pop-up, and thanks to the exposure I gained from this project, I’m finally making this dream a reality.”

For some of those fans, viagogo was the place where they gained access to these live events. Take the gig-trippers, for example, who chose our global platform as the place where they picked up their tickets.

Some of those were able to snap up admission from secondary sellers, who put their tickets on viagogo after realising they were unable to attend. The ‘Fanonomics’ research reveals that if those tickets were not re-sold, every seat left empty in a venue would represent £629 of lost revenue for local businesses.

The ‘Fanonomics’ research has shown the wider value to the economy of an effective secondary ticketing marketplace too.

The benefits of a sold-out venue are unsurprisingly felt by the operators of businesses which are vulnerable to economic uncertainty, including pubs, restaurants, hotels and retailers. 

A typical fan travelling to a city is more than likely to have a few drinks and enjoy some food. This is all proof it’s good for the wider economy, not just the music industry.

It’s reflected in the research too, which reveals that fans brought in by the secondary market create almost 8,000 full-time equivalent jobs – 81% of them in the accommodation and food service sector, 10% in transport and 9% in retail.

All considered, it’s high time to recognise the crucial role that the secondary ticket market plays in the ecosystem of live events and also in helping to boost our economy as a whole – providing a lifeline for many vulnerable sectors. At the same time, fans get the chance to see their heroes up close and personal.

So, see you in the stadium?