May 8, 2009 16:20

Michael Jackson's London O2 Arena gigs to ease credit crunch?

Singer's London residency will bring in £1 billion

Photo Gallery: Michael Jackson

Michael Jackson is being touted as an unlikely saviour of the economic crisis thanks to his mammoth residency at London's O2 Arena.

The King Of Pop has sold out 50 dates at the venue, with the shows tipped to bring in £1 billion for the economy, according to second-hand ticket website Seatwave.com.

Joe Cohen, chief executive of Seatwave, told BBC 6Music how beneficial he thinks Jackson's gigs are likely to be.

"There's gonna be somewhere near on a billion pounds worth of economic activity brought to London through hotels, restaurants, shops, pubs, people coming to see Michael Jackson," he said.

He continued: "It's the Michael Jackson economic stimulus package that the tax payer isn't paying a penny for."

Cohen added that Seatwave has sold in excess of 10,000 second-hand tickets for Jackson's gigs, which kick off on July 8.