In 2015 we created methodology for measuring the economic effects of non-commercial goods and services. A coalition of partners was involved in establishing the methodology and conducting a pilot case study, including Bauersachs Foundation, Industry Watch, Plovdiv University (Sociology Dept.) and Open Arts Foundation. We believe that such a methodology is useful for cultural operators, private and public grantee donors, media and society.
The main methods, used in the case study “Measuring the economic impacts of Night Plovdiv 2015” – one of the biggest festivals in Bulgaria, included Cost-Benefit Analysis, Travel Cost Method and Contingent Valuation.
Our key finding for Night Plovdiv 2015 show that the total economic effect (incl. consumer surplus) is about 0.6 – 0.7 million Euro. With the help of Cost-Benefit Analysis we estimated direct economic effect of 410 000 Euro, while the direct costs are 100 000 Euro. The total visitors for the two festival nights are 42 000, while the uniqe visitors are 31 000.
We believe that such a methodology is also applicable for other cultural festivals, as well as for cultural heritage and city commons, social projects and sports events. You can find the whole report here