Experts have shed light on the skyrocketing costs of hosting the Paris 2024 Olympics, sparking ongoing debate over the benefits of hosting such a mega-event.
The French capital has invested heavily in previously run-down areas such as the northern suburb of La Porte de la Chapelle, where the 125-million-dollar Adidas Arena was built as part of France's over nine billion-dollar Olympic spending.
The Paris 2024 Olympics organizing committee said 96 percent of the budget is funded by the private sector, including the IOC, partner companies, as well as the ticketing office and licensing.
Some analysts believe that these inputs will yield long-term benefits for decades, especially in the tourism and construction industries。
However, Jadrian Wooten, an economics export at Virginia Tech University, said that from a commercial point of view, it is difficult for large-scale events such as the Olympics to balance the books.
"When you look at it from an investment standpoint, the answer is absolutely not. Generally, sports economists are pretty consistent on this. When you think about investing, whether it's the Olympics, World Cups, whatever the mega event is, it's really just not worth it from an investment standpoint," he said.
Despite the controversial economic returns, some of the investments associated with the Olympics are expected to have a positive social impact.
The 1.5 billion U.S. dollars spent to clean up the Seine has made the river safe for swimming after a century-long ban.
Then there's the regeneration of Saint Denis in northern Paris, where part of the Olympic Village will become social housing for thousands of families after the Games.
Local residents also holds different opinions on the investments and benefits.
"The people that will benefit from the Olympic Games will be big companies, big investors, and also the government, but the common French person will not particularly take any advantages from that," said a resident.
"Of course we are very proud to host these Games. We'll go down in history. France has invested a lot to welcome all the international delegations," said another resident.
Paris is aiming to become a model for a greener, cleaner, and more sustainable Olympics in part by using existing and open-air, temporary stadiums to avoid so-called economic "White Elephants."
Mixed reactions over benefits of hosting Olympics amid massive expenditures
Known primarily for its coal production, the city of Taiyuan in Shanxi Province is undergoing a cultural transformation. As part of China's booming concert economy, Taiyuan is actively seeking to provide unforgettable experiences for music fans.
Local authorities are supporting businesses in capitalizing on the growing demand for immersive concert experiences.
Taiyuan has implemented innovative initiatives. The city offers free public transportation for concert attendees, including bus and subway rides, both during the concert period and for three days before and after the event .
Taiyuan's commitment to creating a vibrant concert atmosphere is evident throughout the city. Giant banners and posters promote upcoming events, while various support activities further enhance the experience.
At a recent concert, a CGTN correspondent witnessed the city's dedication to providing a memorable experience. Each fan was greeted with a personalized souvenir bag filled with local specialties. Additionally, a captivating drone performance delighted the audience, adding an extra layer of excitement to the event.
"We have both also been to several concerts before. But this is the first time we've enjoyed various perks. Some shops are offering free merchandise. There are shuttle buses. The concert ticket also provides free admission to other local attractions. I think it is really nice," a concertgoer said.
"I have attended several concerts in Taiyuan where I have had really great experiences," another concert fan said.
Taiyuan's thoughtful initiatives have not only delighted concertgoers but also stimulated the city's consumer activity.
"From April to September, Taiyuan hosted more than 10 concerts. We could feel the enthusiasm of the fans at each event. There was a noticeable increase in hotel bookings as well," said Ma Shuting, marketing manager of a local hotel.
The concert period has also boosted the street-stall economy. The area around the venue has been transformed into a vibrant marketplace, with hundreds of stalls offering a diverse range of goods and services, from snacks and concert merchandise to beauty treatments.
"Business is doing quite well because there are many people coming from both out of town and locally. The daily revenue is approximately between 2,000 and 3,000 yuan (about 282 to 423 U.S. dollars)," a vendor told CGTN.
To solidify its position as a leading performing arts center in Northern China, the local government has made a significant commitment to fostering the concert economy.
"All 11 government departments in Taiyuan have jointly introduced several measures to support the development of the concert economy. For concert organizers in Taiyuan that meet the criteria, subsidies ranging from 150,000 yuan to 800,000 yuan (about 21,200 to 113,000 U.S. dollars) will be provided. Additionally, the city government has also established a special task force to ensure the smooth running of large-scale concerts," said Liu Rui, deputy director of the Taiyuan Bureau of Culture and Tourism.
The concert economy holds immense potential for economic growth, as demonstrated by the impact of Taylor Swift and Coldplay concerts on Singapore's GDP, which was boosted by around 0.25 percent.
Taiyuan is positioning itself as a major player in the concert industry, with over 30 concerts scheduled for this year alone. These events are expected to attract nearly 800,000 fans and generate tens of billions of yuan in consumer spending.
The city's commitment to the concert economy reflects its proactive pursuit of new growth drivers. This not only boosts consumption in the culture and tourism sector but also contributes to the broader economic transition toward high-quality growth.
Taiyuan's thriving concert economy boosts cultural, tourism growth
