No TV ads, but royal wedding aids economy

LONDON, April 30 (UPI) -- Analysts estimate this week's royal wedding had an economic impact of $3.3 billion, although TV networks missed out on $15 million in advertising revenues.

The three major TV networks in the U.K. ran the hour-long ceremony without commercials, however they cut their losses by charging other networks $200,000 apiece to use the live video feed from Westminster Abbey, The Hollywood Reporter said Saturday.

The U.S. entertainment newspaper said the loss of productivity to the British economy was also estimated to be in the billions since the royal wedding day was also a national holiday.

On the other hand, the British Retail Consortium estimated stores benefited to the tune of $800 million in sales of champagne and food consumed at countless parties across the country. The tourism industry also saw a healthy benefit in both direct spending and free advertising from the telecast.

"We are being very conservative and saying that the day will make around $67-83 million for London on the day," said Patricia Yates, a spokeswoman for Visit Britain. "The bigger opportunity is that the spectacle will open up Britain to tourists."