Goya Awards Gala in Granada: an economic boost of 84.5 million euros.

The celebration of the Goya Awards gala in Granada is shaping up not only as an event of great cultural relevance but also as a significant economic engine for the city. According to an economic impact study conducted by the Granada Congress and Exhibition Center, the ceremony is estimated to generate an economic impact of 84.5 million euros and create approximately 600 jobs. This analysis has been supported by the Granada City Council, which highlights the importance of this event for activating the local economy. The report reveals that the media reach of the ceremony is anticipated to be valued at 71 million euros, a figure that underscores the gala's contribution to positioning Granada as a cultural reference point. Over the years, the Goya Awards have demonstrated a multiplier effect in the cities that host them, and it is expected that the capital of Granada will not be an exception. Compared to previous cities that have hosted the event, a considerable growth in media impact has been observed since 2019, translating into an economic return for the host locations. Granada becomes the third Andalusian city to host this prestigious ceremony, following Málaga and Sevilla. This fact highlights the growing interest of the audiovisual industry in relocating its major events to different locales in the region, enriching the cultural and tourist offerings. With a total estimated investment of 8.48 million euros, which includes organizational expenses and sponsorships, the gala promises to be an event that will leave a lasting economic footprint. One of the most notable aspects of the economic impact relates to the influx of visitors. The city is expected to welcome 28,461 tourists during the gala weekend, which will generate considerable spending on accommodation and services. Hotel occupancy is projected to reach 90%, including 20% of available spots in tourist rental homes, indicating a significant interest in the city’s accommodation offerings. The report also estimates significant spending on accommodation by the 3,100 personalities from the worlds of film, theater, and music attending the event, translating to 489,459 euros. This economic injection will not only benefit hotels but will also impact restaurants, shops, and other sectors that will see an increase in their activity during those days. From a fiscal perspective, the Goya gala will contribute to the public treasury with projected revenues of 3,623,743 euros. This figure corresponds to various taxes, including the Net Tax on Products, Corporate Tax, and social security contributions. These revenues are crucial for maintaining public services and developing new initiatives in the city. In addition to direct economic benefits, the study addresses the concept of "contingent value," which reflects citizens' appreciation for the event. This hypothetical value is estimated to translate into revenues of approximately 1,483,507 euros, adding an emotional dimension to the economic impact of the gala. The impact on the cultural Gross Domestic Product (GDP) of Granada is estimated at 55.9%, while the effect on the city’s overall GDP is calculated at 0.42%. These figures demonstrate the transformative potential that the Goya gala can have on the local economy, as well as its capacity to attract future investments and cultural events. In conclusion, the celebration of the Goya Awards in Granada is not only an event of cultural and social relevance but is projected to be a powerful economic engine. The combination of visitor influx, job creation, and tax revenues forecasts a positive impact that could transcend beyond the date of the gala, solidifying Granada as a top cultural destination in Spain. The Granada community eagerly anticipates the arrival of this event, which promises to be a milestone in its recent history.