In a blend of cutting-edge technology and nostalgia, ABBA Voyage has proven to be more than just a virtual concert – it’s also a phenomenon that has reverberated across London’s economic landscape.
According to an analysis conducted by research and strategy consultancy Sound Diplomacy and social value consultancy RealWorth, the iconic Swedish pop group’s digital residency has contributed £178 million (€205 million/$226 million) in net economic benefit to London in its first year alone.
ABBA Voyage, which kicked-off its opening night in May 2022, has quickly become a cultural sensation. The virtual concerts feature digital recreations of the legendary quartet – Björn Ulvaeus, Benny Andersson, Agnetha Fältskog, and Anni-Frid Lyngstad – performing their hits. Designed as a 90-minute show, it has been watched by over one million people, translating into a staggering total turnover of £322.6 million in just 12 months.
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The heart of this experience lies in the purpose-built ABBA Arena that can accommodate approximately 3,000 people. The arena is equipped with state-of-the-art LED screens, creating an immersive environment. The auditory experience is enhanced by a meticulously designed sound system featuring around 291 speakers.
As of September, reports indicated a weekly revenue of roughly £1.6 million, underscoring the sustained popularity and financial viability of this digital venture. The ‘ABBA-tars,’ the digital avatars of the original members, take the stage to perform approximately 20 songs, accompanied by a live band.
The impact on London’s economy extends beyond the direct revenue generated by ticket sales. The influx of local and international audiences has stimulated the hospitality and tourism sectors. Hotels, restaurants, and other businesses near the ABBA Arena have experienced increased patronage, contributing to the area’s economic revitalization.
Given the overwhelming success, the organizers made a strategic decision earlier this year to extend the ABBA Voyage residency in London until May 2024. This extension not only ensures a prolonged cultural experience for fans but also signals the enduring economic benefits for the city.
