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The Millennium films bring significant economic value to Stockholm region

Press release   •   Apr 13, 2011 06:30 UTC

The Millennium films have generated substantial aggregate economic effects in the Stockholm region in terms of marketing, jobs, trade and tourism. That is the outcome of a new report produced by Cloudberry in collaboration with Oxford Research, commissioned by Filmregion Stockholm-Mälardalen, Stockholm Business Region Development, the Sörmland Regional Council, the Municipality of Nyköping and Film i Sörmland.

“The study shows that film is virtually unbeatable when it comes to marketing a region and a city. We also see the power of films to create jobs and economic growth at the local and regional levels,” says Anders Ekegren, chairman of Filmregion Stockholm-Mälardalen.

The production of the three Swedish films spent more than SEK 90 million in the region on wages, services, housing, transport, etc. The films have been seen in the cinema alone by more than 20 million people worldwide. The estimated marketing value of the exposure of the region has been set at SEK 960 million, approximately EUR 106 million. The widespread impact of the films is stimulating tourism – these are a few of the conclusions of the report.

“The film industry is a significant part of the creative industries that are so important to the competitiveness of the Stockholm region. This study confirms that film is also a strategic tool for marketing Stockholm internationally,” says Olof Zetterberg, CEO of Stockholm Business Region.

The report also shows that the Millennium effect is stimulating economic growth on multiple levels.

Effect during the production phase: Nearly 90 percent of the total production budget of more than SEK 100 million was spent in Mälardalen. Production projects buy services locally to a great extent, which benefits local business. During the filming of the first Millennium film alone, catering services worth more than SEK 440,000 were purchased. The production team for the three films spent more than SEK 2.5 million to rent premises.

Applying a conservatively calculated multiplier effect (1.5), meaning that an increase in consumption or investment in turn generates higher growth in the region, returns a value to the region of SEK 140 million.

Marketing effect: The Millennium films were filmed mainly in the capital city region, in locations including Stockholm, Nacka and Gnesta. More than 20 million people worldwide have seen the films in the cinema. A projection of the total number of public contacts (including TV and DVD) and media coverage shows that the films’ exposure value to the region is SEK 960 million. In other words, it would have cost the region nearly SEK 1 billion to reach the equivalent audience with purchased advertising time.

Tourism: More than 10,000 tourists annually take the guided Millennium Tour offered by the Stockholm City Museum. They are joined by tourists who visit Millennium locations on their own. Since Stockholm has so much else that draws tourists, it is difficult to precisely measure the Millennium effect on tourism. The Millennium films have however undeniably enhanced the capital city region’s international competitiveness as an exciting tourism region.

The study did not take into account the American Millennium production, much of which is being filmed on location in the region. The film will premier in December 2011 and is likely to be a major international hit.

The report is attached for download with this press release.

For more information:
Ingrid Rudefors, Film Commissioner, Filmregion Stockholm-Mälardalen, +46 70-323 77 71
Per Holmlund, PR Manager, Stockholm Business Region, +46 70-472 80 69

About Stockholm Business Region
Stockholm Business Region is the official investment promotion agency for the Stockholm region. Stockholm is one of Europe’s most dynamic regions. With continual high growth, world-leading clusters within life science, cleantech and ICT, and as a center for fashion and design, Stockholm is the natural capital city of Scandinavia.
www.investstockholm.com