Statistics show the events industry was worth 36.1 billion in 2010 (Quainton, 2010).
although the statics only state the worth of the events industry three years ago. In 2010 the events industry was worth £36.1 billion although in 2013 the events industry is now worth £56.4 billion giving an increase of £20.3 billion over the last 3 years, this verifies that whilst the events industry rapidly progresses each year the profit of each organisation also increases (Hall and Ledger, 2013).
The graph states each event organisation at the bottom and the amount of billions each year the event is worth. In 2012 and 2013 every event has increased in worth this can relate to the 2012 London Olympics due to key factors which help bring profit to the economy Lloyds Banking Group (2012) suggests that London 2012 Olympics and Paralympic games will benefit the economy by 13.5 billion in the UK between 2005 and 2017.
The picture states construction work over the U.K which specifies the difference the London 2012 Olympics made to the economy (Lloyds Banking Group, 2012).
The chart states the cost of physical activity in England a year although the figure was referenced in 2002 giving an 11 year difference to date (Sport England, 2004) therefore the events industry will produce an increase in events within sport furthermore justifying an increase in income within this sector.
The sport England strategy 2012-2017 will invest over £1,000,000,000 into physical activity within 5 years (NHS, 2013) therefor the over all cost of physical activity in England alone in 2017 will be approximately £1,003,780,000 compared to in 2002 with £3,780,000 giving a difference of £1 billion within 15 years, this will benefit the events industry due to an increase in profit in sporting events by 2017 and furthermore expanding the sports industry sector within events..
The events industries worth in 2012 will have a dramatic increase to each organisation due to tourists arrivals and sporting events UK Trade & Investment and Department for Business, Innovation & Skills (2013) states that the UK economy has seen a £9.9 billion trade and investment boost from the London Olympic and Paralympic Games, one year into a 4 year programme of activity and events. An independent report projects that the total benefit to the UK from hosting London 2012 could reach up to £41 billion by 2020 this predicts a dramatic increase to the U.K economy and events industry. £1.4 million more people playing sport at least once a week than in 2005 when the bid was won therefore sport participation has increased due to the London 2012 Olympics and a furthermore increase in profit in sporting events.
In 2009, the conference and business within the events industry is worth 18.8 billion pound due to venues being more diverse to hold other conference and business events such as staff training days etc. rather than using limitations whilst being specific in which events a business will except to hold at their venue and that an estimate of 65% of respondents are planning to invest into the business and conference at events (Eventia, 2014) therefore businesses and conferences within events industry are expected to expand dramatically every year from opening a wider range of customers to their venues to increase publicity and increase income.
In 2005 the government stated that the Olympics overall cost will be 2.37 billion although that figure has now spiraled to more than £12 billion and could reach as much as £24 billion, the Sky Sports investigation claims. The Government is confident that there is money available to meet known risks, the likelihood that the Games can still be funded within the existing £9.3 billion public sector funding package is so finely balanced that there is a real risk more money will be needed. However a spokesman for the Department for Culture, Media and Sport spokesman said: 'The Public Sector Funding Package for the Games is £9.3 billion and includes all additional security, defense and public transport provision for the games (Oliver, 2012).
Predictions suggests that in 2018 the events industry will rapidly increase in worth due to the statistics stating each year the worth of the events industry increases although if factors such as tourism, travel and disposable income decreases the events industry worth will also decrease due to individuals not going to events therefore money will decrease into the events industry profit Forbes (2013) predicts that in 2018 the economy will increase in profit due to more jobs being available for U.K citizens therefor the events industry will increase in worth due to individuals having more disposable income. The UK events industry contributes £3.8 billion in tax annually to the government therefore helping improve the economy within the U.K and eliminating the recession from 2008 furthermore the U.K's event venues receive £7 billion from the various business events they stage (especially conferences and meetings) representing a core element in their annual turnover therefore justifying the success of the events industry and furthermore providing a vast increase of opportunities for different types of venues to target specific events (Johnson, 2014).