Limerick nets €44m from city of culture status
The study by Grant Thornton Ireland assessed the impact of the €12m invested into the cultural services sector.
According to the report, almost €30m was spent by people attending over 3,000 events while a further €13.4m was generated for the regional and national economy.
The €44m total is less than half the projected €100m predicted at the beginning of Limerick’s reign — however the impact study does not include income generated by hospitality and food and drink-related industries as a result of an increase in tourist expenditure.
According to the report the total direct cost of the year to Limerick National City of Culture (NCoC) Ltd. was €10.9m.
It was funded through contributions from Government as well as income from ticket sales and sponsorships. In addition to these costs, over €1.1m event specific expenditure was not covered by Limerick NCoC Ltd but by expenditure and other funding including in-kind and grants brought to the process by the various cultural practitioners and production companies.
Separately, over €700,000 in-kind support, not included in the accounts, was generated mainly in the areas of media sponsorship, transport and accommodation.
Over 3,000 events took place in Limerick in 2014 as part of 156 projects with an estimated audience of 1.8m.
Royal De Luxe Giant’s Journey (Granny’s visit) in September 2014 attracted the largest audience ever assembled in Limerick for a single event — 230,000 people.
A separate social impact study also published today reveals that 364 new local partnerships were formed and 2,504 Limerick artists were employed in various projects as a result.
Other key findings based on the assessment of data by Grant Thornton found that the year-long programme generated a €13m cumulative advertising value (AVE) based on a total of 4,887 press and broadcast articles during 2014 (Analysis Kantar Media).
On average, 86% of the business community felt the year had a positive impact on image/perception, future confidence, business activity and social inclusion, while almost 60% felt that activity levels in 2015 are higher than they were prior to 2014.
One of the key finding of the Social Impact Study reveals how 216,831 people from community groups participated in 52 projects. Some 80% of people surveyed had attended an event or seen an exhibition and 83% agreed that they enjoyed Limerick National City of Culture.
Citizen Researcher Sadhbh McCoy who worked on the Social Impact study said: “The year invigorated people’s love for Limerick and what Limerick is capable of.”
Limerick City and County Council chief executive Conn Murray said it is vital that Limerick grasps the momentum and ensures that the benefits generated from the successful programme are maintained.
“We are in the midst of preparing a bid to host the European Capital of Culture title for 2020 and the experience and knowledge gained by the organisation and management of more than 3,000 events will no doubt be brought to bear by Limerick’s team in our bid for the European title,” he said.
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