Economic Impact of the San Sebastián International Film Festival
The 2024 edition of the San Sebastián International Film Festival had a significant economic influence of €47.9 million, according to a study commissioned by the festival. This marks a substantial return on investment, with €11 million coming from public funds, and the rest from sponsorship and ticket sales.
Breakdown of Economic Effects
The study, conducted by the Basque Consulting group IKERTALDE, revealed that the festival generated a direct influence of €18.3 million from expenses on personnel and contracts with 523 companies. Of these companies, 249 are located in the Basque Country and the rest in Spain and abroad. Additionally, the festival’s expenses on travel and accommodation for participants and guests contributed to the direct economic effects.
Indirect and Induced Economic Effects
The study also found that the festival had indirect economic effects of €13.7 million, resulting from ticket sales and expenses on food, accommodation, and travel by festival participants and tourists. Furthermore, the festival generated induced economic effects of €15.9 million, which includes the economic impact of wage expenditure and tax revenue. The tax revenue generated from the festival amounted to €8.4 million.
Comparison to Previous Studies
This study is not the first of its kind, as a similar study was conducted for the 2012 edition of the festival. The earlier study estimated the economic effects to be €27.3 million, which is significantly lower than the current estimate. This increase in economic influence highlights the growing importance of the San Sebastián International Film Festival.
Investment and Return
According to José Luis Rebordinos, the director of the San Sebastián International Film Festival, the investments made in the festival have yielded significant returns, not only in economic terms but also in cultural and social terms. The festival’s ability to attract tourists and generate revenue for local businesses makes it a valuable event for the city and the film industry as a whole.
