London is considered to be among the wealthiest cities in the whole world, and it attracts visitors from all corners of the world each year. And while most people coming over visit for business, to shop around, or to visit families, there’s a huge chunk that’s primarily attracted by the City’s entertainment industry. London’s entertainment economy is estimated to generate about £4 billion annually and employs around 1.8 million people. Now that’s quite a lot. Which makes one wonder; what are some of the main drivers of this arts economy? The entertainment economy is a 24-hour economy since most entertainment joints in the City operate day and night. In order to understand better why this economy continues to grow in leaps and bounds, have a look at the below facts;
- The escort industry in London has significantly contributed to the expansion of the entertainment industry. Today, there are more escort agencies than we had ten years ago, and the number keeps increasing. Escort agencies employ the escorts, the customer care teams that liaise with interested clients, web designers who design sites for such agencies. Not to forget the millions of pounds that clients spend each year on hiring escorts. This business trail boils down to the restaurants where such clients meet the escort for a first date, the private apartments and hotels where they book a room to spend time together.
- Music has evolved over the years and today, almost every club in London either has a DJ or Band that entertains revellers. On a typical Friday night, for instance, London clubs are always fully packed with revellers who consume expensive drinks, don luxurious clothes and shoes, mobile phones, and so on so forth. London also attracts many international artists and celebrities who host shows in and around the City. If you combine all the money that revellers spend on music concerts in London, the foods and drinks they’ll consume; then you realize that we are talking about quite a lot.
- Magicians and comedians have also sprung up across London over the years. There’s a more mature segment of revellers looking for something different from the noisy, fully packed clubs. This is where professional magicians and comedians come in. You’ll find exclusive clubs hosting comedians and magicians. Although such shows don’ cost much, they make revellers spend much either in the form of foods and drinks, cabs to drop them home afterwards, and so on so forth. This is an alternative form of entertainment that also contributes immensely to the economy of London.
- The fashion industry can also be categorized under the entertainment banner. Each day, thousands of shoppers throng the different London stores shopping for the latest designer clothes, shoes, handbags, mobile phones, and much more. Most of the shoppers comprise visitors and foreigners who have much confidence in the originality of designer brands available in London. However, even the locals include quite a number of the day to day shoppers. Thus, the next time you go out at an event and come across nicely dressed ladies and gentlemen, never forget that they spent much purchasing the same across the City to look so great! To some extent, even the numerous eateries that have sprung up over the years have their origin in the entertainment industry. Many joints selling chips and chicken tend to be located near or around entertainment joints to target the revellers.
The entertainment economy in London is expected to grow and expand further over the coming years. This translates to more jobs and better services from the escort agencies operating within.