Wednesday, December 2, 2020

Lincoln to lose over £1.5m between March 2020 and 2021 as music venues remain closed

Lincoln looks set to lose more than £1.5m as a result of cancelled events at its leading music venues as a result of COVID-19, new research shows.

The research by events specialists, Eventopedia has focussed on Lincoln Castle, New Theatre Royal, and Lincoln Performing Arts Centre, looking at the number of cancelled events between March ‘20 and ‘21, the average cost of a ticket, and the venue’s capacity.

In order to establish the wider impact on the local economy, the data also takes into account the average cost of a pint, a meal in a restaurant, and a parking space for four hours to indicate an overall loss to the city from the cancelled events.

In the space of a year, Lincoln will lose a total of £1,524,270 just from cancelled events at its three leading venues, with each cancellation impacting other businesses in the city.

Overall, all cancelled events at the New Theatre Royal over the year will cost the local economy a staggering £1,398,842 while for every cancelled show, the local economy loses up to £14,274.

Commenting on the research, CEO of Eventopedia, Toby Heelis said: “Smaller cities benefit more proportionally than the capital city from these types of events and as such, the restrictions and shutdowns have had a devastating impact.

“As many businesses have had to pivot to new revenue streams to survive the lockdowns, these cities need more help from the Central Government as we move forwards.”

Elsewhere in the country, St Mary’s Stadium in Southampton suffered the biggest loss for every cancelled event outside of London, with each cancellation costing the local economy up to an eye watering £2,395,271.83.

While in London each cancelled event at Wembley Stadium since March is estimated to have cost the city up to £5,850,055.79.

“The data here shows just how much the impact of these events filters down to all areas of the economy and community.

“When venues first closed, we needed more policies that contained the virus without the catastrophic impact to all people. Moving forwards, common sense and science should be used in equal measure to provide the right solution for everyone.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £27.55 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Advertisment








Latest posts

Lincolnshire cheese company secures £250k investment

Lincolnshire-based cheese company, Chuckling Cheese, has secured a £250,000 investment to build its online presence and create 12 new jobs. The company secured the finance from First...

Sills & Betteridge enters list of leading lawyers for second time

Sills & Betteridge has again been recognised as a leading law firm as it enters for the second time, The Lawyer UK 200. This list...

Lincolnshire’s Sexual Assault Referral Centre celebrates 10-year anniversary

Spring Lodge, a sexual assault referral centre run by Lincolnshire Partnership NHS Foundation Trust (LPFT), has been providing support to people in the county...

Support Lincolnshire makers with Alford Craft Market Centre

With all of Lincolnshire now in Tier 3 restrictions, classes at the Alford Craft Market Centre have been forced to be cancelled. However, there...

Government cash injection for plans to re-open train services between Barton and Gainsborough

A bid for £50,000 of Government cash to explore the re-opening of train services between Barton and Gainsborough has been successful. A feasibility study can...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close