Impact Study: Co-op Live Contributes Over $1.7BN To UK Economy Since Inception

Co-op Live has delivered a £785.5 million ($1.040 billion) boost to the UK economy (measured by gross value added, GVA), with a total turnover of £1.3 billion ($1.7 billion) since breaking ground in 2021.

In its first year of operations – the building officially opened May 14, 2024 – Co-op Live has achieved £852.2 million ($1.128 billion) in turnover and £455.5 million ($603 million) in GVA, which is expected to increase in future years as the number of events grows annually, according to a new independent economic impact report by UK planning consultancy Lichfields.

Economic activity considered to arrive at these numbers include contributions from “visitors in and around the venue, Co-op Live venue operations, and the wider effect of this economic activity,” according to a press release announcing the economic impact study.

The £1.3 billion ($1.7 billion) in total turnover include £450 million ($596 million) investment during the construction phase and £852.2 million ($1.128 billion) in total turnover during the arena’s first year of operation.

Co-op Live was developed by Oak View Group (Pollstar’s parent company) in partnership with City Football Group and Harry Styles.

The Lichfields report also highlights that Co-op Live contributed £330 million ($437 million) in gross value added (GVA) during its construction – a measure that reflects the additional value added to the economy.

A further £455 million ($602 million) in GVA was added in the arena’s first year of operation, which brought 105 events to Manchester, attracting a total 1.5 million fans, bringing the total GVA contribution to the UK economy to £785.5 million ($1.040 billion) to date.

“At a regional level,” the press release continues, “since building began, Co-op Live has contributed 39% or £313.4 million [$414.9 million] of total GVA generated to the Manchester economy in visitor spending across Manchester’s hotels, restaurants, pubs, and bars.

“The world-class arena has quickly established itself as a premier destination for live music, attracting major international artists and delivering 12 UK-exclusive shows from global icons such as the Eagles, Pearl Jam, and Paul McCartney. With 150 events forecasted annually over the next decade, the venue is cementing Manchester’s status as a global entertainment hub.”

Beyond its economic and cultural value, Co-op Live is committed to donating at least £1 million to its naming rights partner’s charity, the Co-op Foundation, to support initiatives like the Young Gamechangers Fund, which awards grants of up to £20k directly to young people aged 10-25 leading positive change in their communities.

Additionally, the venue has provided 6,000 free tickets to local community groups and Co-op Academy school pupils, making world-class live entertainment more accessible to local residents.

Comments:

Tim Leiweke, OVG CEO: “I’ve seen new arenas spur economic growth in every city we have built in, and Co-op Live has delivered this in spades. We invested heavily in Manchester with our partners to ensure the city has the world’s best music arena, and I’m proud to see the economic benefits of this investment being experienced.”

Roel de Vries, group CEO at City Football Group: “This report demonstrates that not only has Co-op Live brought world-class events to Manchester, but it has also had a significant and lasting economic impact. Our joint-venture partnership with Oak View Group to bring the arena to East Manchester is a continuation of our investment in this area, and we’re proud to be delivering positive change to our local community and the wider city.”

Jonathan Reynolds, secretary of state for business and trade: “The success of the Co-op Live arena highlights the huge potential of the UK as a centre of entertainment and creativity, attracting top artists from around the world. This government is serious about driving further investment into transformative projects like these, that create jobs, boost business growth, and supercharge the economy as part of the Plan for Change, and we are proud to support their delivery. That is why the Creative Industries have been identified as one of the eight key growth driving sectors in the upcoming modern Industrial Strategy.”

Andy Burnham, mayor of Greater Manchester: “The economic and cultural impact of Co-op Live has exceeded expectations, and it’s great to see the amount of support the venue has also given to the community in east Manchester. Greater Manchester is once again showing its ability to attract the best entertainment talent in the UK to the city-region, while also supporting our artists, with Co-op Live quickly becoming a massive part of this.”

Bev Craig, leader of Manchester City Council: “For decades, Manchester has been celebrated for its musical heritage. With music in its DNA, the city is further bolstered not just by the global reputation of Co-op Live, but its collaborative and supportive approach to Manchester’s full music ecosystem. From linking with local new music venues and artists, to showcasing some of the city’s best new music, it’s rapidly become one of the cornerstones of Manchester’s ongoing legacy.”

Conversions in this article were calculated based on May 14, 2025 rates.

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