Is Tesla becoming cheap?
February 2, 2024
The impact of global risks on the economy and markets
February 16, 2024
Always able to keep millions of Italians glued to the TV, the Sanremo festival represents one of the biggest events in the world in terms of scope and social/economic impact. Let’s take a look at the numbers of this event.
The Economic Impact of the Sanremo Festival
The Sanremo Festival is not only a major music event in Italy, but also represents an important economic lever for the music industry, tourism and economy on a local and national level. The 2024 edition is expected to be a record-breaking one, with more than 400 industry professionals and an attendance of 180,000 people helping to dynamise the economy of the city of Sanremo.
Advertising and Visibility
The festival also generates a significant economic return through advertising revenue, estimated at 56 million Euros for Rai in the 2024 edition. This highlights the growing commercial appeal of the event, supported by innovative marketing strategies and local partnerships that aim to position RAI as a premium player in the advertising sector.
Costs and Benefits of the Event
Despite an investment for the organisation of the event estimated at around 20 million euro for the 2024 edition, the overall economic impact estimated at 186 million euro shows how the Sanremo Festival is a vital economic engine, with both direct and indirect positive effects on the local and national economy.
The Sanremo Effect on Hospitality and Tourism
The festival also has a significant impact on the hospitality sector, with an increase in demand for accommodation that extends to neighbouring locations. Accommodation prices reach significant figures (a record 30,000 euros for a week’s accommodation), a sign of the high attractiveness of the event and its ability to generate tourist flows.
Fees and Visibility for Artists and Presenters
The Sanremo Festival offers not only a launch pad for participating artists, but also significant fees for presenters and co-hosts. Although the official figures are not published, the estimates (around 20,000 euro for the co-hosts and 53,000 for the competing artists) reflect the importance of the event as an opportunity for visibility and professional growth for all the players involved.
Public Interest and Media Follow-up
The attention of the Italian and international public for the Sanremo Festival remains high, with a large audience (with the)following the event through various platforms. This demonstrates the cultural and social importance of the Festival, which is confirmed year after year as an unmissable event on the Italian scene.
In conclusion, the Sanremo Festival transcends its role as a mere musical competition to establish itself as an event of great economic and cultural importance, capable of stimulating the economy, promoting tourism and offering important visibility opportunities for the artists and professionals involved.
If you found this article interesting, please visit our blog or our instagram page.
FGN is your guide in the financial and investment world, to safeguard your portfolio and avoid the erosion of your savings.
