News / Europe

Royal Baby Worth his Weight in Gold to 'the Firm'

Britain's Prince William and his wife Catherine, Duchess of Cambridge appear with their baby son outside the Lindo Wing of St Mary's Hospital, in central London, July 23, 2013.
Britain's Prince William and his wife Catherine, Duchess of Cambridge appear with their baby son outside the Lindo Wing of St Mary's Hospital, in central London, July 23, 2013.
Reuters
The Firm, as Britain's royal family calls itself, has a new asset.
 
With the world media in a frenzy over the birth of Prince William and his wife Kate's son, companies from airlines to champagne-makers have jumped on the chance to cash in on the wave of popularity sweeping over the royal family.
 
From royal potties to blue-cream-filled doughnuts to china commemorative plates, the range of merchandise celebrating the  birth of the prince ranges from the obvious to the bizarre.
 
Economic forecasters have suggested the new prince could boost Britain's austerity-hit economy by as much as 520 million pounds ($780 million) in the short term as well-wishers buy souvenirs, celebrate his arrival, and buy baby products.

But the longer term impact of the latest good news from the House of Windsor is deemed more significant, with the rising popularity of the royals helping underpin the image of Britain abroad while brightening consumer sentiment in a tough economy.
 
Asset valuation agency Brand Finance said the monarchy was one of Britain's most valuable brands, run professionally like a firm and set to contribute an estimated 1.9 billion pounds to the British economy this year while costing 250 million pounds.
 
“Whether you agree or disagree with the constitutional principle, there is little doubt that the monarchy adds significant annual earnings and long term economic value to the UK,” Brand Finance's Chief Executive David Haigh told Reuters.
 
“The latest Windsor will be an effective and lucrative ambassador for Brand Britain, making a significant contribution to the task of driving Britain out of the recession. There is a trend in favor of the royal family and they are clearly getting very good advice over marketing and communication.”
 
The estimated benefit of the monarchy to the economy was worked out by valuing intangible assets such as tourism, merchandising, PR value, and royalties.
 
Branding ‘the Firm’
 
Tourism is Britain's fifth largest industry and the royal family plays a leading role.

Royal ceremonies and events always get worldwide media attention and have helped increase the royals' popularity, such as with William and Kate's spectacular wedding in April 2011 and the queen's Diamond Jubilee last year.
 
Tradition reigned on Monday with pomp and ceremony around the yet-to-be-named baby's arrival as the birth announcement was pinned to a golden easel inside the gates of Buckingham Palace.
 
Clarissa Campbell Orr, historian of monarchy at Anglia Ruskin University, Cambridge, said Britain's monarchy was a long-lasting brand in that it promoted continuity by combining heritage, tradition and a close relationship with people.
 
She said the younger royals, led by Prince William and his soldier-playboy brother Harry, had cemented this feeling of continuity. A poll last week showed the popularity of the royal family is back at record levels with 77 percent support for the monarchy.
 
The royals fell out of public favor for misjudging their reaction to the death of the hugely popular Princess Diana, who was killed in a car crash in Paris in 1997, a year after her divorce from Prince Charles. They were seen as out of touch.
 
“There are people who have not forgiven Prince Charles for his relationship with Princess Diana but the relationship between William and Kate is unclouded and uncomplicated. It promotes continuity,” Orr told Reuters.
 
“This is a fresh generation. The monarchy has proved that it is adaptable and it's much more media savvy than it used to be.”
 
Haigh said the royal family had received good advice in recent years from public realtions and marketing experts on how to re-invent its image, trimming down the number of royals to focus on the younger generation.
 
“They haven't put a foot wrong in anything they have done recently,” Haigh said. “I am neutral about the monarchy as an institution but if you look at the economics, it is almost irrefutable that they are going a good job in helping the British economy.”

You May Like

Obama: I Will Do 'Everything I Can' to Close Guantanamo

US president says prison continues 'to inspire jihadists and extremists around the world' More

Sierra Leone Educates on Safe Ebola Burials

Also, country is improving at rapid response to isolated outbreaks, but health workers need to be even faster, officials say More

Christmas Gains Popularity in Vietnam

Increasingly wealthy Vietnamese embrace holiday due to its non-religious glamor, commercial appeal More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Decision on Cuba Underscores Divisions Among Miami Cubansi
X
Sharon Behn
December 19, 2014 9:34 PM
For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video US Decision on Cuba Underscores Divisions Among Miami Cubans

For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video Three Cities Bid for Future Obama Presidential Library

President Barack Obama still has two years left in his term in office, but the effort to establish his post-presidential library is already underway. The bid for the Obama Presidential Library is down to four locations in three states -- New York, Hawaii, and Illinois. As VOA’s Kane Farabaugh reports, each of them played an important part in the president’s life before he reached the White House.
Video

Video Cuba Deal is Major Victory for Pope’s Diplomatic Initiatives

Pope Francis played a key role in brokering the US-Cuba deal that was made public earlier this week. It is the most stunning success so far in a series of peacemaking efforts by the pontiff. VOA religion reporter Jerome Socolovsky has more.
Video

Video Fears of More Political Gridlock in 2015

2014 proved to be a difficult year politically for President Barack Obama and a very good year for the U.S. Republican Party. Republican gains in the November midterm elections gave them control of the Senate and House of Representatives for the next two years -- setting the stage for more confrontation and gridlock in the final two years of the Obama presidency. VOA National Correspondent Jim Malone has a preview from Washington.
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.

All About America

AppleAndroid