Recent research by Associate Professor Renuka Mahadevan has shown that the true economic benefit of regional cultural events is far greater than previously thought and this presents a powerful way for governments to support development – especially in the rural and regional area.
Using case studies of Woodford Festival and the Arctic Winter Games, Associate Professor Mahadevan has shown that much wider factors than ticket sales should be taken into account when assessing true economic gain. Economic benefits include upskilling of volunteers, improvements to local infrastructure and the environment, development of social capital and that all important wellbeing factor for local residents and entrepreneurs who will feel closer ties to and more positive about their community. Further benefits include the improved perception of the region amongst outsiders, which is important for future visitors and developers. Associate Professor Mahadevan has used well-established economic modelling techniques to quantify these impacts and estimates that the true multiplier effect from such regional events is around 1.5.
Read the full article here Woodford Folk Festival
And here Arctic Winter Games
