The numbers around the Sanremo Festival are important numbers, it seems that the whole event generates revenues around 60 million euros: 42 million euros would derive from Rai advertising sales and 18 million euros from the impact on the Ligurian territory.
This is what emerges from Economics of the Performing Arts and Entertainmentthe Market Watch that Banca Ifis created on the occasion of the sponsorship of Casa Sanremo, with the aim of photographing the state of health of the sector and measuring the economic and social value of a sector which in our country would be worth more than 54 billion euros, equal to 1.5% of GDP.
And so, the very sector that was one of the hardest hit by the pandemic, with cinemas and theaters closed, concerts banned and events banned, has been able to recover and is now growing again, producing value. Suffice it to say that, in 2022, the Italian entertainment industry exceeded the 2019 level by 2%. And according to estimates, in 2023, the positive trend is destined to continue, with a 3% growth, reaching 55, 8 billion euros at the end of the year.
And the Sanremo Festival certainly makes an important contribution: the event, in fact, brings 41,000 people to the Ligurian town and surrounding areas every year, including guests, organisers, staff and tourists. In practical terms, the impact of these presences falls mainly on housing (8.8
million euros), catering (2 million euros), shopping (2 million euros including expenses at the Casino and event ticketing) and transport (0.6 million euros). In addition to these sums, of particular significance is the amount disbursed by Rai to the organizing municipality which stands at 5 million euros.
And Rai is one of the major beneficiaries of the Festival: advertising revenues relating to Sanremo activities alone are expected to grow by more than 9% in 2023, to 46 million euros, compared to 42 million euros in 2022. gathering there is the growing consensus that the event continues to gather, as evidenced by the average audience figure which exceeds 10 million viewers for all 5 evenings.
In other words, a profitable virtuous circle.
Source: Vanity Fair
I’m Susan Karen, a professional writer and editor at World Stock Market. I specialize in Entertainment news, writing stories that keep readers informed on all the latest developments in the industry. With over five years of experience in creating engaging content and copywriting for various media outlets, I have grown to become an invaluable asset to any team.