The Melbourne & Olympic Parks precinct (M&OP) has confirmed its place as a powerhouse of Victoria’s sports, entertainment, and live events culture, contributing hundreds of millions of dollars to the Victorian economy and supporting over 5,800 jobs in 2022–23.
An inaugural ‘Precinct-wide Social and Economic Value Study,’ has revealed the precinct’s pivotal role in shaping Melbourne’s status as one of the world’s most liveable cities, delivering widespread economic benefits and supporting a dynamic ecosystem of business and sporting excellence.
The report was developed by KPMG in collaboration with the Melbourne & Olympic Parks Trust, the ten elite sports teams that call the precinct home, and the full range of partner and tenant businesses that operate across its footprint, and set out to demonstrate the year-round value of the precinct’s activities, in addition to the well-documented contribution of the Australian Open.
Outside of the Australian Open, more than two million people attended 398 events in 2022–23 – the most in the precinct’s history – with a growing diversity of content attracting audiences from across Victoria’s multicultural communities. From global sporting spectacles like the FIFA Women’s World Cup™, to performances by much-loved artists from as far as Greece, Italy, India, China and Korea, comedy, family events and sporting fixtures across five codes, M&OP showed itself as a destination with an event to suit every taste.
The diversity of content attracted audiences from far beyond Melbourne, with 626,000 guests from outside the city, and 699,000 bed nights booked by interstate and international visitors. The local economy was also a beneficiary, with an estimated visitor spend of up to $743 million injected straight back into local businesses.
With a further 939,192 fans attending the Australian Open in January – 39 per cent of whom travelled from outside of Melbourne – the dual proposition of a year-round calendar of events and world-famous Grand Slam tournament positions the precinct as an unmatched global destination for live experiences. Together, the Australian Open and year-round calendar of events attracted three million visitors, with almost one million of those guests travelling from outside of Melbourne, contributing to approximately 1.2 million bed nights booked in Victorian hotels.
John Harnden AM, CEO, Melbourne & Olympic Parks Trust, said the precinct is a beacon of excitement and vitality for Victoria.
“Melbourne & Olympic Parks is a one-of-a-kind destination for live events and is a critical part of what makes Melbourne an attractive place to live, work and play.”
“The diversity of content – whether domestic or international sport, headline entertainment, intimate shows with up-and-coming performers, comedy, or family events – ensures the precinct is a place for everyone to enjoy, while its robust ecosphere supports jobs and delivers downstream benefits to the community.”
Sitting at the nexus of the visitor economy, sports, live entertainment, conference and conventions industry, M&OP is its own ecosystem of business and infrastructure, with precinct businesses generating $880 million in revenue in 2022–23. M&OP activities also generated significant revenue for Australia’s sports and live entertainment industries, contributing a six per cent share ($822 million) of the $14 billion sports industry, and nine per cent ($1.3 billion) of the $15.6 billion live entertainment industry.
But the precinct’s value extends beyond the economic, with significant social benefits derived from the precinct’s calendar of events, and community use of its open spaces. In 2022–23, the value of the precinct’s contribution to Melbourne’s liveability was in the order of $1.4 billion, with visitors benefitting from the connection and social interaction offered by live events.
Looking to the future, the precinct will continue to elevate and broaden the range of experiences on offer, ensuring it remains a one-of-a-kind destination for all Victorians to enjoy, and a source of community pride for generations to come.
“The appetite for live experiences continues to grow – with the precinct set to top 3.7 million visitors this year – and we look forward to continuing to work with our partners to grow the diversity of content and ensure a close relationship with the people of Victoria,” said Mr Harnden.
Read the full report here.