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.”