Electronic Music Festival Generates More Than $3 Billion For U.S. Economy From 2010-2014
Insomniac festivals have contributed an astounding $3.17 billion to the U.S. economy over the past five years, according to a report conducted by Beacon Economics. The national economic survey looks at the fiscal impact of 48 of Insomniac’s events produced between 2010 and 2014. During this period, 3.39 million enthusiastic fans came together across 14 cities to experience Insomniac’s signature festivals including Electric Daisy Carnival and Nocturnal Wonderland. The news of this impressive, long term fiscal impact comes shortly after the 5th annual EDC Las Vegas celebrated another sold out year at the Las Vegas Motor Speedway, attracting more than 400,000 people to the Las Vegas area.
“This study beautifully illustrates the powerful financial and cultural impact of dance music here in the United States,” said Pasquale Rotella, Founder and CEO of Insomniac. “As support from our Headliners continues to grow, our contributions can continue to make a difference here at home and around the world.”
The report found that attendees had a total spending impact of $2.28 billion from 2010-2014 with direct spending totaling $866.3 million, a number that reflects funds used for local transportation, entertainment, food and beverage and accommodations. The 48 festivals supported the equivalent of more than 25,000 jobs, translating into more than $1 billion in labor income for workers and an estimated $181.1 million in taxes for state and local governments. The total Insomniac spending impact came to $890 million with direct spending equaling $327.4 million, excluding talent costs.
Significant fiscal impacts were made in each region of the country where events were held including in San Bernardino, Calif. which received an amazing impact of $440 million from festivals like Nocturnal Wonderland, Escape All Hallows’ Eve and Beyond Wonderland. The New York and New Jersey areas benefited to the tune of $215 million while the city of Orlando, Fla. saw a $126 million impact. The Las Vegas area reaped a whopping $1.7 billion.
“The study reveals just how significant the economic and fiscal impact of Insomniac festivals have been over time,” said Christopher Thornberg, Founding Partner of Beacon Economics and one of the study’s lead authors. “These events not only bring jobs and revenues in the short term, but they play a role in introducing new generations to new places and cultural experiences, encouraging longer term investment and helping rejuvenate neighborhoods.”
Source: Beacon Economics
Image credit: Creative common License
