[Photo/IC]

"This report clearly indicates the importance of the Beatles as a cultural and economic resource to Liverpool. There is a strong belief that the city will go on attracting visitors through its Beatles connection long into the future," said the lead author of the report, Professor Simeon Yates from the Institute of Cultural Capital.

"There is a risk to the city's reputation if it does not ensure the quality of services, attractions and products are maintained by those who come into contact with visitors wanting to explore the heritage of the Beatles," Yates said.

One of the main recommendations of the report is to establish a 'Beatles Legacy' group that will explore how to best develop the sector.

"We need to convey the core point that Liverpool was not just the birthplace of the Beatles, it was their cradle; what they learned as Liverpudlians they took into the world. The still fresh music of the Beatles reminds us who we are and who we could become," said Mike Jones with the University of Liverpool's Institute of Popular Music.

The report says the Beatles heritage is a valuable route into other aspects of Liverpool's heritage including its maritime past, modern history and contemporary cultural scene.

"This is the first step in a journey to protect the legacy of Liverpool's famous sons and ensure it continues to attract visitors for generations to come. We wanted a report which would use tangible evidence and analysis to tell us exactly what the legacy of the Beatles is to Liverpool. Everyone knows the Beatles have had a big impact on the city, but now we know exactly what that is," said Liverpool's Mayor Joe Anderson.

In one of their 1960s hits, "Money," the Beatles sing the line "now give me money, that's what I want," and that is exactly what their fame continues to generate for their hometown of Liverpool.