A NEW council report today said the Capital's Hogmanay party has re-emerged as one of the world's top New Year destinations.
After the cancellation of two street parties in four years, city leaders predicted the winter festivals will now go on to attract larger audiences and big-name sponsors.
However, the report confirmed that around 10,000 tickets and passes remained
unsold last year and the winter festivals overspent by around £310,000 as a result.
Council officials today admitted they had struggled to market the street party in the face of "extensive public speculation" about the future of the event, which led to "a considerable lag on ticket sales".
Organisers also had to cope without the financial support of a main sponsor, after RBS ended its involvement the previous year.
But, with more than 95,000 people still descending on the city centre to welcome in 2008, councillors are now confident the future of the event is secure, and over £1.3 million has been earmarked for this year's winter celebrations.
Councillor Steve Cardownie, the city's festival and events champion, said: "As well as boosting our international profile, Edinburgh's winter festivals also generate huge sums for the economy.
"Everyone realises the huge cultural and economic importance of these events, so it's vital Edinburgh continues to lead the field."
The street party is the centrepiece of festive celebrations estimated to generate £30m for the Capital, and Edinburgh regularly tops polls as the best place in the world to spend Hogmanay.
Yet coupled with the loss of around £300,000 in sponsorship from RBS, and fears over the future of funding from the Scottish Government, city chiefs last year admitted they might struggle to afford to hold the event beyond 2007/08. Those fears have now been allayed.
The council's city development director, Andrew Holmes, said: "Given that the street party and other associated events had to be cancelled in 2006/2007, 2007/2008 proved to be successful, with no discernible drop in media coverage and general public interest, and a healthy rest-of-UK and international audience reinforcing Edinburgh as a premier winter short break destination."
He said slower than usual passes and tickets sales were driven by factors outside the council's control, including public concerns over previous cancellations, the American credit crunch resulting in fewer US tourists and increased competition from rival New Year events elsewhere.
He added: "We will continue to monitor our competition closely to ensure Edinburgh's Hogmanay retains its place amongst the market leaders."
The full article contains 426 words and appears in Edinburgh Evening News newspaper.
