Coldplay concert created ‘economic impact' worth Rs 641 crore: Report
A report by global strategy consultant EY-Parthenon on the two-day concert by British rock band Coldplay has claimed that it created an 'economic impact' of Rs 641 crore across industries — of which Rs 392 crore was 'injected into Ahmedabad's local economy through spending on accommodation, restaurants, local transportation and shopping'.
The report titled 'India's Rising Concert Economy', made public Wednesday, finds that hotel room tariffs rose by three to six times 'within just two days of the announcement of the shows', while airline fares went up by '3-4 times'.
Coldplay performed in Ahmedabad 's Narendra Modi Stadium on January 25 and 26. The shows saw a record audience footfall of 2,22,000.
According to the report, 86% of the attendees were from outside of Ahmedabad, from across 28 states and Union Territories.
The report, which analysed inputs of a survey conducted by BookMyShow, an online ticket booking platform, stated that 47% of the 2,821 attendees stayed in Ahmedabad 'spending an average of Rs 12,401'. As per the findings, 50% of them spent more than one night in the city, while 23% spent more than Rs 15,000 on their stay. As per the report, almost while 40% stayed in hotels, almost as many stayed with 'friends or relatives' (39%), while 14% claimed they 'didn't stay anywhere'.
According to the report, the GST earned from those two days amounted to Rs 72 crore.
'Rooms that typically cost around INR15,000 even during peak season soared to INR50,000- 90,000 within just two days of the announcement of the shows at Ahmedabad. Several upscale hotels charged as much as INR1.60 lakh for a two-night stay, a rate hike that surpassed even New Year's Eve prices in some cases,' the report claimed, citing media reports.
The report, commissioned by BookMyShow, claimed that it was developed 'based on primary and secondary research, discussions with various companies and stakeholders, and cross-referencing of available data points'.
As per the report, airline fares from key cities to Ahmedabad, including short-haul destinations, 'experienced substantial hikes with one-way tickets being charged 3-4 times higher than the regular fare'.
The also report claimed that the concert in Ahmedabad 'boosted local commerce, with 38% of attendees engaging in local shopping, spending an average of INR2,253 per person. Notably, 71% of these shoppers were under 28 years old, highlighting how the concert introduced local artisans, handicrafts and culture to a younger, wider audience'.
Also, 15,000 were deployed for concert operations that included 4,500 police personnel, 400 student volunteers and 200 staff from various government and local authorities, the report showed. Among the Gujarat government arms, which assisted in the organisation of the concert were the Ahmedabad Municipal Corporation, Gujarat Gas Ltd, the gas distribution company with Chief Secretary Pankaj Joshi as its chairman, and Gujarat Metro Rail Corporation Ltd, the report added.
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