OXFORDSHIRE is set to lose £3 million as leading music venues remain shut due to the Covid-19 crisis, new research estimates.

The closure of the New Theatre, O2 Academy Oxford and Blenheim Palace means that in the space of a year, the county will lose a total of £3,400,225 just from cancelled events.

The research, by events specialists Eventopedia, focussed on the number of cancelled events at the three venues between March this year and next year, the average cost of a ticket and the venues' capacity.

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On average the researchers said that every cancelled event at the New Theatre would cost the local economy £44,127 – adding up to a total of £1,853,315 for the year from March to March.

Eventopedia CEO Toby Heelis commented: "Smaller cities benefit more proportionally than the capital city from these types of events and as such, the restrictions and shutdowns have had a devastating impact."

"As many businesses have had to pivot to new revenue streams to survive the lockdowns, these cities need more help from the Central Government as we move forwards."