It has been revealed ABBA Voyage contributes over £1.4 billion to the UK economy and further provides an estimated 10,000 jobs since it commenced in May 2022. Its economic impact was discovered as a result of recent analysis of the London event by Sound Diplomacy.
The Swedish pop group ABBA, comprised of Agnetha Fältskog, Björn Ulvaenus, Benny Andersson and Anni-Frid Lyngstad were formed in 1972. Considered one of the most successful music groups of all time, ABBA got their big break in 1974 when they won the Eurovision Song Contest with their song ‘Waterloo’ at the Brighton Dome, United Kingdom. The track became their first Number 1 hit in the UK and would establish a momentum for the band as they went on to achieve a further eight Number 1 singles and ten Number 1 albums.
With a career spanning over five decades, the band made their comeback in 2021, after disbanding in 1982, when they announced ‘ABBA Voyage’ a live virtual concert and an album of the same name. The album peaked at Number 1 on the UK Official Singles Chart the week of its release. The concept of the band’s virtual concert ‘ABBA Voyage’ caught the attention of fans, spectators and news outlets alike due to its adoption of technology that had never been seen before during a live concert.
The virtual concert utilises a fusion of motion capture, visual effects, and a live band to showcase ABBA in concert as their 1977 selves. With visual effects and a live 10-piece band to accompany the pre-recorded backdrop of ABBA’s performance, ABBA Voyage provides an atmospheric experience to attendees. The concert and its technological output cost a whopping $175 million to create, following the construction of a purpose-built venue, which seats 3000 people.
Hosting its first edition in May 2022, the live concert which takes place in East London, has since contributed £1.4 billion to the UK economy, including an additional turnover of £774.3 million in Gross Value Added (GVA) between May 2022 and May 2024.
The Sound Diplomacy has unveiled the socio-economic impact of ABBA Voyage, as it has been revealed attendees of the event spend on average £220 per day in London, in addition to the price of tickets. With that being said, ABBA’s economic influence is substantial as international visitors to the event have contributed £72.6 million, the local boroughs (Newham, Hackney, Tower Hamlets and Waltham Forest) £262.1 million whilst attendees outside of London contributed £142.2 million.
ABBA Voyage’s economic power is evident, not only due to its contribution to the economy but its creation of over 10,000 jobs, which are adjacent to the commencement and completion of each concert.
The sun sets on summer, but the memories live on at ABBA Arena. pic.twitter.com/Oo8lmYjRVo
— ABBA Voyage (@ABBAVoyage) September 22, 2024
The Major of London, Sadiq Khan discussed the prevalence of ABBA Voyage to London, stating: “ABBA Voyage has been a phenomenal success story for London, boosting our economy by more than £1bn and showing again why our capital is a global leader for music and culture”.
He continued to declare the show’s demand was due to “ABBA’s timeless popularity”. As ABBA Voyage has witnessed over 2 million visitors since 2022, it is clear their pop anthems created from infectious instrumentation and catchy lyricism have been the soundtrack for many generations.
As the virtual concert was meant to conclude in 2026, it is no doubt that due to its ongoing popularity and substantial economic benefits to London, that the virtual concert may be indefinitely present in London’s culture and music scene in the future and beyond 2026.
