Well 2022 is almost over. This year I have worked in Abu Dhabi (physically) and online in the USA, Australia and France. I have completed an events portfolio assessment ( or program) for a local authority (also called a local council). They had little understanding of events and it was an ‘eye opener’ for them. An example is below, where I explain the simple economy of a public event. In plain speak, if they have 20,000 people at a festival and they spend on average $50 each at the event, then the event economy is a million dollars.
Name one business in the local area that turns over a million in one day?
Where does that money go?
Well, as a surprise to the local authority (council and Councillors) , it walks out the door via the vendors and suppliers.
In financial terms, all they have done by putting on their festival is stripped money from the locals.
Whoops!
Here is a simple diagram explaining it. Also if they don’t have events ( that was their first solution) then the locals go to festivals outside the region and spend that money.
The solution is simple: have lots of events and festivals and analyse the “spend”.