You are asking What can a title bring to the city?

Thespian is answering

Finally some numbers. Statistic is boring, but it has valuable data. We take it from Pilsen 2015:
- hosted about 580 events attended by 1 134 894 people,
- visitors' expenses directly related to the visit of ECoC events held in the Czech Republic amounted to CZK 564.3 million,
- visitors' expenses caused an increase in production by CZK 711 million, both for direct and indirect suppliers of goods and services for visitors. Out of that app. CZK 90 million was due to expenses of foreign visitors, ie, these were net benefits for the Czech Republic,
- high attendance at ECoC events also caused an increase in gross value added, resp. GDP of the Czech economy by approximately CZK 222.5 million,
- companies and entrepreneurs, direct and indirect suppliers of goods and services for visitors increased their profit by app. CZK 70.5 million,
- 388 new jobs were created.

(source: Tereza Raabová et al., Economic impacT v.o.s .: European Capital of Culture Pilsen 2015: Impacts of visitors' expenditures on the Czech economy, 2016)