The enduring appeal of the Beatles adds almost £82m to the Liverpool economy each year and creates 2,335 jobs, according to a major study.
The report, entitled Beatles heritage in Liverpool and its economic and cultural sector impact, was collaboratively produced by the University of Liverpool and Liverpool John Moores University, through the Institute of Cultural Capital, European Institute of Urban Affairs and the Institute of Popular Music. It was commissioned by Liverpool City Council to evaluate the current and future economic impact of the Beatles.
In addition to the net additional value of £81.9m generated by the band's heritage, the report reveals that the Beatles-related economy is growing by up to 15 per cent a year, with significant further growth potential. The implementation of planned developments such as the relocation of the British Music Experience to Liverpool and the potential development of Strawberry Field are in line with the report's recommendations.
The research found that the city region's current offer addresses the needs of both dedicated Beatles enthusiasts as well as more general visitors to the city. It also identifies a number of opportunities which could help further develop the offer, including the improvement and better management of public spaces associated with the Beatles, and developing professional knowledge and training in certain sectors of the Beatles industry.
One of the main recommendations of the report is to establish an initial 'Beatles Legacy' group with representation from the main stakeholders that will explore how to best develop the sector.
The lead author of the report, Professor Simeon Yates at the Institute of Cultural Capital, said: "This report clearly indicates the importance of the Beatles as a cultural and economic resource to the city of Liverpool. In all the interviews we conducted there was a strong belief that the city would go on attracting visitors through its Beatles connection long into the future.
"Underpinning the economic impact and the cultural value of the Beatles heritage, however, is a positive experience for fans, visitors and citizens, and the city needs to maintain standards in its efforts to promote this legacy.
"There is a risk to the city's reputation if it does not ensure that the quality of services, attractions and products are maintained by all those who come into contact with visitors wanting to explore and access the heritage of The Beatles."
Liverpool mayor Joe Anderson said: "It felt like the right time to commission a report which would use tangible evidence and analysis to tell us exactly what the legacy of the Beatles is to Liverpool.
"There are some fascinating insights in the document, and to know for a fact that the Fab Four have such a huge impact on the local economy goes to show we need to look seriously at the current offer and work together with stakeholders across the city to improve it.
"As a city, this now gives us a firm footing to make investment and creative decisions on how to improve the offer of the Beatles. It will rely on all stakeholders taking ownership and driving change to unleash the full potential.
"This is an exciting time as it's the first step in a journey to protect the legacy of Liverpool's famous sons and ensure it continues to attract visitors to the city for generations to come."