As well as being a financial and trade powerhouse, London is also a cultural pillar which delivers a huge financial incentive to the economy, reports freshbusinesthinking.com.
The World Cities Culture Report 2012 found that London’s culture – such as theatre screenings, galleries and event venues – played a critical role in ensuring its economic prosperity.
The capital’s 214 theatres and their ‘world renowned productions’ generate more than £500 million in ticket sales per year, while 566 screens of London’s 108 cinemas generated over £235 million. Furthermore 349 live venues, 10 major concert halls, 337 clubs and 37,450 restaurants merely add to London’s splendor; giving tourists the chances to experience a vibrant cultural environment.
The Mayor of London Boris Johnson spoke to london.gov.uk about the report: “World cities are international hubs for commerce and trade, but as this groundbreaking report makes clear, they are powerhouses for culture too – in London the creative industries alone contribute £19 billion to our economy and employ 386,000 people.
“In coming together as city leaders and policymakers we want to harness the full potential of culture, which makes our cities exciting and desirable places to live in and visit, but also makes a massive contribution to wider social and economic goals,” he added.