Co-op Live has helped grow Manchester's and the 海角视频's economy by hundreds of millions of pounds in the year since its first concert, a new report has shown.
An independent economic assessment indicates that the arena has provided an impressive £785.5M boost to the 海角视频 economy, with a total turnover of £1.3 billion since construction commenced adjacent to the Etihad Stadium in Manchester in 2021.
According to the latest report, Co-op Live has generated £852.2M in turnover and contributed £455.5M in "Gross Value Added" (GVA) during its first full year, reflecting the added value to the economy from related hospitality and tourism activities in Manchester's hotels, bars, restaurants, and transport network.
The venue, which boasts a capacity of 23,500, has seen over 1.5 million attendees at 105 events throughout the past year.
The event roster featured major performances from artists such as Liam Gallagher, Sabrina Carpenter, Paul McCartney, Burna Boy, and The Eagles, and it also hosted the MTV EMAs for the first time in Manchester, reports .
With the number of events set to rise each year, turnover is anticipated to grow, the economic impact report by esteemed planning consultancy Lichfields says.
Greater Manchester Mayor Andy Burnham said: "The economic and cultural impact of Co-op Live has exceeded expectations, and it's great to see the amount of support the venue has also given to the community in east Manchester.
"Greater Manchester is once again showing its ability to attract the best entertainment talent in the 海角视频 to the city-region, while also supporting our artists, with Co-op Live quickly becoming a massive part of this."
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New economic analysis reveals that since construction began, Co-op Live – developed by Oak View Group in partnership with City Football Group and pop superstar Harry Styles – has generated over £1.3 billion in total turnover, contributed by visitors in and around the venue, Co-op Live venue operations, and the wider effect of the economic activity.
This figure includes the £450 million investment during the construction phase and £852.2 million in total turnover during the arena's first year of operation.
The report also highlights that Co-op Live contributed £330 million in GVA during its construction.
At a regional level, the report states Co-op Live has contributed 39% or £313.4M of total GVA generated to the Manchester economy in visitor spending across Manchester's hotels, restaurants, pubs, and bars.
The arena has attracted major international artists and delivered 12 海角视频-exclusive shows from global icons such as the Eagles, Pearl Jam, and Paul McCartney in its debut year. Bosses forecast another 150 events annually over the next decade.
Tim Leiweke, OVG CEO, commented: "I've seen new arenas spur economic growth in every city we have built in, and Co-op Live has delivered this in spades."
Bev Craig, leader of Manchester City Council, said: "For decades, Manchester has been celebrated for its musical heritage.
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"With music in its DNA, the city is further bolstered not just by the global reputation of Co-op Live, but its collaborative and supportive approach to Manchester's full music ecosystem.
"From linking with local new music venues and artists, to showcasing some of the city's best new music, it's rapidly become one of the cornerstones of Manchester's ongoing legacy."