New independent research carried out on behalf of Sheffield International Venues (SIV) shows that annual expenditure in the city as a result of world-class music, comedy and sporting events held at the award-winning Motorpoint Arena Sheffield totals £20.8 million per annum.
The contribution of the Arena and its events to the local economy considers three factors – people who are employed directly by the Arena and the gross value added (GVA) it supports, income and employment generated from companies which supply goods and services to the Arena, and the associated GVA.
Finally, it takes into account employment and the GVA supported by the spend of those directly and indirectly employed by the Arena.
The increased expenditure in Sheffield from visitors and participants alike has also shown to create employment opportunities within the city. In total, the venue supports 475 jobs, with a GVA to the local economy of £13.2 million.
The figures show that the venue attracts its largest audiences for standing concerts and major sporting events from Yorkshire and Humber region, and that East Midlands, West Yorkshire and the North West are also main sources of spectators.
Steve Brailey, SIV Chief Executive, said:
Bringing money into the city through development of the venue, events and employment opportunities has not only contributed to the regeneration of the Don Valley area itself, but has continued to help put the Sheffield City Region on the world map and highlights the venue’s position as the region’s premier entertainment venues.
The report follows in the wake of the announcement of a multi-million pound investment programme. The first stage already underway with Arena getting a new roof for the first time since it opened in May 1991.
The main focus of the second stage of the investment, which will get underway later this year, will see the removal of all the venues 12,500 seats to be replaced with more modern and comfortable seating. There will also be new energy efficient lighting and the replacement of all the external concourse doors.
With the investment set to enhance customer experience and help us continue to attract the biggest names in the entertainment industry to the venue, we hope to see a further boost to our economy as a direct result of the plans we have in place.