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Arena events- money and resources

August 21
11:31 AM 2017

Arena events- money and resources 

Live arena events are hugely popular, both in the UK and internationally.

Take the Wimbledon tennis championships, for example. Each year, over a fortnight, 39,000 spectators cram into the All-England club to watch the world's finest players do battle. The All-England Tennis Club, a private members' club that does virtually nothing to attract sponsorship, manages to generate $60 million in pure profits each year, in addition to money for the wider economy.

Much of the revenue made at Wimbledon goes back to the players; in 2017, the winner of the men's and women's singles received over a million pounds each.

However, which other live arena events both at home and abroad are particularly profitable, how much do they make and where does the money go?

Music concerts

Live music by the top performers is virtually a licence to print money. In 2015, it was reported that the top 25 concerns alone generated almost $360m in revenue, partly due to increased attendances at shows and also through tickets that were more expensive, with fans now paying as much as £100 to see their favourite bands and artists live.

But where does this money go? Surprisingly the band doesn't take a large chunk of it. The promoter, of course, stands to make a decent profit, as do the songwriters, while some host countries charge high taxes that they then reinvest into their cultural programmes.

Live sports

While many of the world's most popular sports are held outdoors in stadiums or parks, some are played out in an arena setting.

For years the preserves of amateurs in pubs up and down the land, in the 21st-century darts and snooker are big earners, especially in the UK. Particular money generators include the PDC World Darts Championship, held at the Alexandra Palace in London and the World Snooker Championship, which takes place at the Crucible Theatre in Sheffield and has previously been sponsored by betting companies like 888poker. Both now offer prize money pots of more than £1 million and generate money for the wider economy through tourism.

World Series of Poker

Held each year in Las Vegas, the 2017 edition of the World Series of Poker is the biggest yet, with an overall prize pool of $200 million and $10 million for first place. The beauty of arena events such as WSOP is that spectators don't have to attend to get in on the action and, this year, the organisers have recognised the increased appeal of the competition, televising it worldwide.

Players from over 100 countries will compete in the 2017 edition of the World Series, meaning the economic benefits won't just be confined to the host casinos.

As they grow in popularity, live arena events continue to become ever-bigger businesses, attracting sponsorship and ticket sales. While artists and competitors see the benefit of increased prize money, localities can identify advantages with the funds raised through tourism, while events previously on the margins of the international scene find themselves able to grow.

© 2017 VCPOST, All rights reserved. Do not reproduce without permission.
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