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Adelaide Festival Centre achieves 800% return on investment

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Adelaide Festival Centre achieves 800% return on investment

by Angus McPherson on February 17, 2017 (February 17, 2017) filed under Classical Music | Theatre | Musical Theatre & Cabaret | Visual Art | Dance | Comment Now
Ernst and Young report finds Festival Centre Trust made a $107.8 million contribution to the economy in 2015-2016.

An Ernst and Young report has found that the Adelaide Festival Centre Trust made a $107.8 million economic contribution to the Greater Adelaide economy in 2015-2016. According to the report, this is a return of over $8 on every dollar the government invests in operating and activity funding and the Adelaide Festival Centre’s economic contribution resulted in the direct and indirect creation of 1,076 jobs in Great Adelaide.

The report also highlighted the Centre’s “significant social contribution” which includes its education programmes, and “encourages greater social cohesion in the community” – a contribution valued at $52.4 million, bringing the total estimated contribution to $160 million.

“This report confirms once again the arts’ fantastic economic return on investment,” said Jack Snelling, SA Minister for the Arts.  “As well as bringing vibrancy and entertainment to our community, the arts are responsible for creating employment and economic growth. Adelaide Festival Centre’s success is a testament to the power of the arts and arts centres.”

The Centre reported over one million attendees in 2015-2016 – including more than 500,000 ticketed attendances – who came to see a wide range of events including opera, music, ballet and theatre events as well as large scale musicals such as Dirty Dancing, Ghost and Cats.

“Successful cultural organisations engage and support our multi-cultural community, advance a city’s creative energy and reputation, and they have a substantial impact on the economy,” said Adelaide Festival Centre’s CEO and Artistic Director Douglas Gautier. “The Ernst and Young report confirms Adelaide Festival Centre’s economic and social value and drives home the importance of supporting and nurturing the arts industry in South Australia.”

“It is pleasing that the Festival Centre is in a position of strength financially and creatively as we enter a challenging period of construction with the redevelopment of Adelaide Riverbank, Adelaide Festival Centre, and Her Majesty’s Theatre over the next three years,” Gautier said. “We are confident that the benefits to the community from the activities of Adelaide Festival Centre will only continue to grow as we enter a period of positive change for the arts in South Australia. Once complete our refurbished venues will provide great platforms for South Australian, national and international artists to develop and present their work. The redevelopments will bring jobs and further economic impact to Adelaide while ensuring that South Australian audiences don’t miss out on the best the world has to offer.”


The full report