• Double impact expected
• Figure is ‘tip of the iceberg’
EDINBURGH’S MTV extravaganza was an £8.9 million money-spinner for the economy, it emerged today.
A study into the star-studded event had found it had more than double the financia
l impact than was originally predicted.
Thousands of extra hotel bookings, the use of dozens of local suppliers for the event and a boom for the Capital’s bars and restaurants during the week of the event helped generate £6.4m extra cash for Edinburgh alone.
A further £300,000 was spent elsewhere in the Lothians while the rest of Scotland benefited from an additional £2.2m, according to the research conducted by independent consultants.
They were commissioned by local funders of the event, including the city council, Scottish Enterprise Edinburgh and Lothian and the Scottish Executive, who gave MTV a total of £750,000 to help secure the event for Scotland.
The enterprise company today claimed that the figures for the direct economic impact of the event were just "the tip of the iceberg" compared to the lasting legacy the MTV’s visit to Edinburgh is expected to have left.
A galaxy of stars including Beyonce Knowles, Christina Aguilera, Kylie Minogue, Justin Timberlake, Travis and The Darkness appeared at the MTV Europe Music Awards, which were held in a giant marquee at Leith Docks last November.
The study found that coverage of the event by MTV alone was worth £8.6m while worldwide media coverage - including 2094 articles in 19 countries - was thought to be worth an additional £4m. The study found that an extra 2360 rooms were booked in the Capital on the week of the event compared to the same period the previous year. More than 7000 rooms were filled on the night of the awards ceremony.
More than half of the suppliers used by MTV were based in Scotland, generating a total of £1.8m for the economy.
Research found that many ticket holders had been offered up to £1000 for their tickets, while others placed the appeal of the event above both the Brit Awards and the Oscars.
The study also found that there had been 45 celebrity endorsements of Edinburgh and Scotland from the likes of Timberlake, who stayed at the Scotsman Hotel, and Beyonce.
Jim McFarlane, chief executive of Scottish Enterprise Edinburgh and Lothian, said: "These results are a well earned tribute to the excellence of effort invested by everyone involved in the production of a star-studded event that has promoted Edinburgh and Scotland around the world.
"The headline figures are really just the tip of the iceberg in measuring the value of the MTV Europe Music Awards.
"The lasting impact will come from the exposure to a young,global audience and the endorsement of the city and Scotland as a world-class location by celebrities."
City council leader Donald Anderson said: "It’s a tribute to the huge success of the MTV Europe Music Awards that the economic findings have more than doubled from the original estimate.
"MTV gave Edinburgh and one billion viewers worldwide a fantastic party and it has left a lasting legacy for the city and its people."
Richard Godfrey, executive producer of the awards, said: "Edinburgh was the perfect location for a show of this scale and the show’s success was built on our fantastic partnerships with Edinburgh and Scotland."
The Evening News revealed last month how Lothian and Borders Police were left with a £45,000 bill for the staging of the awards ceremony in Edinburgh, despite its massive economic impact. MTV chiefs footed a third of the £70,000 bill.
