Rome’s Colosseum has more than meets the eye.
Not just a world heritage monument and one of Italy’s biggest international icons, it appears that the ancient site has become a successful brand name, appearing ahead of Milan’s Duomo cathedral in terms of Italian symbols, and even in front of one of the world’s most famous and historic modern marketing phenomena, Coca Cola.
The Colosseum is currently undergoing restoration to be finished in 2013, and has been subject to some improvements to its marketing appeal, including an iPhone app to jump queues and night visits that have reduced daytime crowd numbers.
Estimates, however, have actually put a brand value on the Colosseum, with its worth at 91 billion euros.
The Duomo in Milan comes in at 82 billion euros and the Colosseum value is considered double that of Coca Cola.
The figures come from studies of a bizarre Italian law that has the capacity to pass on government property to local councils to be then auctioned or sold in moves designed to reduce public debt.
The value placed on the Colosseum comes from research carried about by the Monza-Brianza Chamber of Commerce studies department and is based on the value of the land and an ‘economic attraction’ index (which also takes into account the use of the word ‘Colosseo’ in other businesses like restaurants and souvenir shops, for example).
The Economic Reputation Index, which is a joint project between organisations such as the Best Global Brands, Urban Audit and Italy’s touring club among others, has valued the Vatican Museums at 90 billion euros and the Trevi Fountain at 78 billion euros.
If they were all to be sold, we imagine that would be Rome’s public debt covered a number of times over….