Are Music Festivals a Good Thing or Something Bad?
Electronic Music Festivals Could Be Better for the Economy Than People Realize
A report, released this last week (May 2015) , by Forbes Magazine, shows that the explosion of music festivals has some serious economic impact behind it.
This comes as no surprise to those of us that attend them on a regular basis. We all know that pain of trying to scrounge up some extra cash to get a ticket or to buy that festival outfit will want.
The focus of the report was Electric Daisy Carnival NYC 2014, and they determined that it had an economic impact of $33.9 million dollars into the NYC and NJ area economies. For the 100,000 people who attended, each one had roughly a $350 impact.
I’m still trying to find a link to the actual report, but I have found the infographic above. infographic and the is also this report written by the same company for EDC Chicago 2013. You can find it here.
For EDC Chicago 2013, the event contributed $26.1 million dollars with an attendance of 65,000 people, or roughly $400 per attendee.
One of the economic factors that I think can’t be calculated is the additional impact that was indirectly created for the event. This could include any travel arrangements, or any monies spent to purchase that festival costume or raver outfit that you see everywhere at the event.
What’s this all mean?
For all of the local authorities and residents that are fighting the large music festivals and events, you are missing the larger picture. Any event that causes an influx of 30,000 to more than 100,000 is going to benefit the local economy usually.
Hopefully this means that with more concrete numbers behind them festival promoters will be able to overcome objections and begin to have the more events in more places. Too frequently I hear from people in casual conversation about how they’ve never been to a multi-day festival.
A part of me gets sad inside when I hear that, and then I try to get them to an event. I know that music festivals have changed my life, what have they done for you?
Please reply in the comments below and let me know what you think about music festivals. Do you love them? Do you hate them? I’ll be sure to follow up with anyone who does comment.