MEGA CONCERTS ARE POWERING INDIA'S NEXT ECONOMIC BOOM

THE COLDPLAY CONCERTS IN AHMEDABAD, WHICH DREW OVER 222,000 FANS, PROVED TO BE MAJOR ECONOMIC DRIVERS AND OFFER A BLUEPRINT FOR INDIA TO TAP INTO THE GROWING GLOBAL CONCERT MARKET

- By PEONY HIRWANI

The recent Coldplay concerts in Ahmedabad, which drew over 222,000 fans to the Narendra Modi Stadium, were revealed in a new report from EY Parthenon and BookMyShow to be a significant economic driver for the region.

The report, titled “India’s rising concert economy,” details how the record-setting event generated a substantial ₹641 crore (approximately $77 million) and provides a blueprint for India to leverage the expanding global concert market.

The analysis in the report indicates that the Coldplay concerts directly injected ₹392 crore (around $47 million) into Anmedabad’s economy and contributed ₹72 crore (about $8.6 million) to government tax collections through GST. Beyond the direct financial impact, Ahmedabad demonstrated its capacity to host world-class events. The city experienced a surge in visitors, with the airport handling a record 138,000 passengers over a mere three-day period. Hotels reached full occupancy, with prices exceeding even New Year’s rates—some luxury accommodations reportedly charged up to ₹1.6 lakh (about $1,920) for a two-night stay. To accommodate the influx of concertgoers, additional trains, flights, and metro services were mobilized.

The economic benefits extended beyond these sectors. The report identified a considerable “multiplier effect,” revealing that for every ₹100 spent on a ticket, an additional ₹585 was spent on ancillary services such as hotel stays, travel, food, local shopping, and concert-related merchandise. Restaurants, cafes, and taxi services reported unprecedented levels of business. Attendees, on average, spent ₹12,401 on accommodation, ₹10,792 on interstate travel, ₹4,159 on fashion and accessories, ₹1,983 on food outside the venue, and ₹1,260 on local transport. Fashion platforms like Myntra and AJIO reported a 3X spike in concert-themed merchandise sales, indicating the growing intersection of music, commerce, and lifestyle.