The Fab Four are still worth £82 million to Liverpool's economy every year, with new research predicting that will increase in the future.
New research suggests that The Beatles are worth roughly £82 million per year to the economy of Liverpool.
The band’s legacy and the tourism interest generated also sustains an estimated 2,335 jobs in the city, according to research published on Monday (February 8th) that was commissioned by Liverpool City Council and conducted by the city’s two universities (Liverpool and John Moores).
Despite the fact that the Fab Four broke up 46 years ago and only Paul McCartney and Ringo Starr are alive, the report also suggests that the Beatles-related economy is growing by up to 15% every year, as the band’s material is becoming increasingly popular in places like Brazil and China alongside long-established fanbases in Europe and the States.
The Beatles are worth roughly £82 million to Liverpool's economy every year
Professor Simeon Yeates, the lead author of the report, recommended that Liverpool “maintain standards” to boost tourism. Councillor Richard Kemp, whose constituency includes Penny Lane (immortalised in the band’s song of the same name) and St. Barnabas’ Church, a rehearsal space for the group, said that tourism ought to “percolate” out from the city’s centre and ease congestion.
To that end, Kemp will propose that the Allerton Road area, near Penny Lane and where Lennon and McCartney would meet before rehearsals, could be developed as a “Beatles Homeland Quarter”.
Liverpool’s mayor Joe Anderson said in reaction to the research: “Everyone knows The Beatles have had a big impact on the city's past, but now we know exactly what that is and what we can do, together with other stakeholders, to ensure their impact on the city's future.”
A spokeswoman from the city’s council also said that the relocation of the British Music Experience from London to the city’s Cunard Building, opening in just a few months’ time, would also draw up to 200,000 visitors per year.
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