The Cayman Islands’ economy received a $500,000 boost thanks to the success of the Out of This World music festival in May featuring Vybz Kartel and Nelly according to early figures.
The concert, held in Camana Bay’s Festival Green, had a record attendance of around 9,600 music fans, making it one of Cayman’s largest events.
Answering a question on the event in Parliament, Premier André Ebanks told MPs that initial data suggested that the event “delivered a meaningful and net positive contribution to the Cayman Islands economy”.
Two government entities provided direct financial support to the event. The Cayman Islands Department of Tourism sponsored the event, contributing $150,000, to promote the Cayman Islands and to bring tourists in during an off-peak month, while the Ministry of Youth, Sports, Culture and Heritage provided a $25,000 grant, $10,000 of which was to support Caymanian artists and $15,000 to promote Caymanian culture and heritage at the event.
Air travel was provided by Cayman Airways Limited in the form of 32 complimentary tickets worth around US$30,000, together with a US$6,000 radio promotion in the Miami market, adding up to a Cayman Airway’s total hard dollar spend of US$7,000.
Ebanks said the Miami promos formed part of a wider Cayman Airways marketing initiative that contributed to an increase in Miami passenger loads in May and helped generate additional revenue for that month.
All public safety and regulatory services deployed in support of the event were billed directly to the organisers. More than 200 people were employed directly and indirectly by the event, across logistics, security, marketing and hospitality sectors.
The premier added that initial reports suggest that the concert generated half a million dollars for the local economy, with a total economic impact of around $850,000 circulating through the local economy.
“On behalf of the of the NCFC government, I want to acknowledge all of the public agencies whose professionalism contributed to the safe and successful delivery of this large entertainment event,” he said.
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