O2 Worth £405 Million To London

The O2 London generates £405 million a year for the city of London, according to an independent study commission by venue operator AEG Europe.

Last November AEG hired independent business consultancy Why Not to assess the social and economic impact of The O2 since its opening in June 2007.

The findings published March 31 show the former Dome now attracts more than 7 million visitors per year, which the study says is more than the number of international tourists visiting India or Australia.

The O2, which has been voted Pollstar’s International Arena of the Year for the last four years, supports 2,900 jobs in the London economy, of which about 600 were created in the local borough of Greenwich.

“AEG has been a great asset to Greenwich and London,” said local council leader Chris Roberts. The O2 contributes £126 million additional income a year to the Greenwich area.

The research estimates that since opening in 2007, The O2 has generated an additional income of £1.4 billion for London.

Last year the venue was granted planning permission for a 4-star 450-bedroom luxury hotel that will include London’s largest clear span banqueting and meeting space.