Figures from the Isle of Man Treasury have demonstrated that the Department of Economic Development’s improved marketing programme for the TT and Festival of Motorcycling has significantly benefited the economy and the taxpayer over the past 4 years, with further growth expected in 2014.
The 2013 Treasury study into the two events revealed that between 2009 and 2013 there was additional benefit from:
- Growth of 33% in visitor numbers by 13,000 from 39,900 to 52,900 visitors.
- Growth of 35% in economic benefit to the local economy from £17.1million to £24.9million.
- Growth of 46% in exchequer benefits from £3.08million to £4.5million.
The 13,000 additional visitors alone represented an additional £5.9million fiscal contribution to the local economy and a £1.42million incremental exchequer benefit.
The improved marketing programme up to 2013 was funded by a one-off £412,000 amount from the Marketing Initiatives Fund and was used to fund activities such as a greater number of press visits and attendance at more promotional events.
The Department will continue to invest in the TT and Festival of Motorcycling to ensure that the benefit from both events continues to grow.
Additionally, early analysis of the 2014 Isle of Man Steam Packet Company bookings last November revealed that there was a near 4% increase in motorcycles for this year’s TT compared with the same period in 2013, while forward bookings for the Festival of Motorcycling were ahead of last year’s.
Minister for Economic Development John Shimmin MHK commented:
‘These figures clearly demonstrate the value of the improved marketing programme we have put in place combined with the efforts of both the Motorsport team and the broader road racing community.
‘We have renewed the TT TV contract – which includes the Classic TT Races – with North One Television which has been responsible for enabling the TV audience for the TT to grow from 8.1 million in 2010 to 24.4 million in 2013 (source: actual viewing figures, Kantar Sport Report 2013) with coverage evolving over this time from showing pure road racing to a more inclusive sports entertainment format.
‘We have also provided further information about the exciting entertainment programme we intend to provide for the 2014 TT Festival.
‘My Department is already focusing on ambitious plans for both festivals in order to enhance their economic value for both the taxpayer and the broader economy and I am looking forward to working with all concerned to drive ahead with these.’