More than two months following the inaugural Junkanoo Carnival Festival, members of the Bahamas National Festival Commission (BNFC) presented a report on the economic breakdown of the event on Tuesday.
The 2015 BNFC report revealed that in total, the government’s investment of $11.3 million generated $19 million in direct economic activity, with an estimated $13.5 million in Nassau and $5.5 million in Grand Bahama.
However, the festival fell short in meeting its revenue projections and according to the report only generated approximately $1.6 million in direct revenues, $1.3 million in Nassau and $300,000 in Grand Bahama.
BNFC chairman Paul Major said this shortfall in revenues is a result of the lack of international sponsorship revenue, which was projected at $5 million and tickets sales, which did not materialize due to the late announcement of the festival musical headliner.
Mr. Major said however, the main goal of the festival was to more than just yield economic statistics.
“Our main goals for the festival were to create an economic stimulus within the cultural sector, expand our tourist product offering, develop a framework for indigenous cultural production, create a platform that exposed Bahamian music to the world and revolutionized the entertainment industry, promote Bahamian entrepreneurship and foster multi-sector economic impacts. Bahamas Junkanoo Carnival 2015 successfully accomplished those goals,” he said.
“Makeup artists, models, designers, musicians, builders and construction workers, media houses, production companies, communication professionals, printing companies, security services, sanitation services, food and beverage companies, transportation companies, equipment rental companies, models, event planners, t-shirts and memorabilia, tourism related businesses and catering companies, this is just a sampling of businesses that benefited from the investment into the creative sector represented by Junkanoo Carnival.”
Other statistics included within the report were direct and indirect employment impact, major stimulus for small and medium enterprises and general attendance statistics.
“In Grand Bahama, police estimated that 30,000 patrons enjoyed the two-day, Grand Life experience, which included the semi-finals of the Music Masters Song Competition. The event engaged 115,000 Bahamians and tourists in local cultural consumption creating a new market for cultural entrepreneurs,” Mr. Major said.
The festival did incur a net overrun cost of 3.8 million; however plans are being made to address those issues before next year’s event.
Marketing and public relations for the 2016 Bahamas Junkanoo carnival are expected to commence in early October
Summary of Junkanoo Carnival Stats
• $11.3 Million Government Subsidy (Nassau: $10.4mil, Grand Bahama: $900,000)
• $1.6 Million Revenue (Nassau:$1.2mil, Grand Bahama:$300,000)
• $12.9 Expenditure (Nassau: $11.7million, Grand Bahama: $1.2 million)
• $19 Million Direct Economic Activity (Nassau: $13.5mil, Grand Bahama: $5.5 million)
• Engagement of 880 Small and Medium Size Enterprises (Nassau: 580, Grand Bahama: 310)
• 86 per cent Domestic Spend, 14 per cent International Spend
• Total Employment: 7,208
• 1,169 Bahamian entertainers engaged
• $800,000 spent directly on Bahamian musicians
• $54,000 spent directly on visual arts
• 115,000 Attendees (Nassau: 85,000, Grand Bahama: 30,000)
• $2.3 Million Local Marketing (Nassau: $2.1mil , Grand Bahama:$200,000)
• $900,000 International Marketing
• Estimated Tax Revenue $6.6 Million (Nassau: $4.5 million, Grand Bahama: $2.1 million)
• Over $100,000 in Prize Money
