Ashley Baalke
January 3, 2016
Mr. Reuter
Economics-B4
Summerfest
Have you ever been to a concert before? Wisconsin hosts one of the largest music festivals in the world every year, with multiple different artists of various genres. The festival lasts a little over a week. Within the festival, numerous different bands perform throughout the day at various stages. All of these stages offer free musical entertainment for the audience. Not only that, but tons of food markets of different origins are open for business at all times, as well as beer stands. When many people think of concerts, money is a major concern. In the year 2015, Summerfest admission was $13 for an adult, and all the concerts inside the festival are free (despite those going on at the Marcus Amphitheater)! If you ask me, that's quite the deal. In 2015, the Summerfest music festival admitted 772,652 people, a slight decline in attendance. At $13 per person, the total revenue is $10,044,476. Summerfest is not only bringing in massive amounts of proceeds, but is continuing to grow and become more popular. People come from all around the world to listen and watch their favorite artists perform. At this ridiculous price, who could blame them! The demand for these tickets is on a rise, which is why the price has been continuously increasing. In 2013, the total attendance was 840,356, so definitely an increase in attendance over the years.
Some of the top performers that come to Summerfest have been Johnny Cash, The Beach Boys, Whitney Houston, Bon Jovi, Britney Spears, Stevie Wonder, Tim McGraw, Rascal Flatts/Lady Antebellum, Bruno Mars, Lady Gaga, Florida Georgia Line, and coming in 2016 Selena Gomez. With Summerfest only being 174 days away, people are already buying tickets now to see the concerts, which means the cheaper the prices will get. Summerfest continues to grow rapidly in popularity. It has become a worldwide event that basically anyone attends to.
Works Cited
"Summerfest - The World's Largest Music Festival." Summerfest - The World's Largest Music Festival. N.p., n.d. Web. 05 Jan. 2016.
Wikipedia. Wikimedia Foundation, n.d. Web. 04 Jan. 2016.
With the prices being 13$ per person, I think that Summerfest is trying to find the price that matches the demand. Where people don't think that it's to expensive to come, but Summerfest still makes a lot of money. It can be hard to see artists anywhere else because we would need to fly or drive long distances, but for about a week, they are a 30 minute drive away. There are big names that come every year to preform. For 13$ you can see a lot of artists preform for free and hear a lot of good music.
ReplyDeleteI agree that the tickets only being $13 is a tremendous deal, and that more and more people are buying them. But if this is true how come the attendance rate in 2015 was less than it was in 2013? Was is just the simple fact of not enough popular well known bands? Or is it that people aren't willing to pay the price anymore? I guess we will see in the upcoming years; but from what I know it should be on a steady increase again, bringing in more and more profit.
ReplyDeleteSummer-fest is one of the most important economic impacts on Wisconsin. It is not surprising that the attendance is raising because people from all over the Midwest usually don't get the huge artists the east and west coast gets as often and it makes sense that they lower the price because it is just going to become more popular and they get more money from food then they do the tickets so the tickets is pretty much a second priority. People from all over the country come for this event and it makes Wisconsin the place to be for a week or so.
ReplyDeleteI can agree that the price to get into Summerfest is much cheaper than other music festivals! It also like you said, provides multiple different artists at multiple different stages. Without a doubt it's getting more and more popular as the years go by. Many food companies and especially beer companies make very large amounts of money at this event. The Milwaukee County Transit System also makes big bucks during these weeks because so many people take the bus to and from Summerfest grounds. Nice topic!
ReplyDeleteWhen reading your article, I found some of those facts, like the amount of money they bring in really supersizing. $10,044,476 is quite a large number. The fact that it is the worlds largest music festival just adds to the reasons of why people feel the need to go. All of these profits are then added to our economy and to Wisconsin! Summerfest is essentially a huge fundraiser that helps our economy.
ReplyDeleteSummerfest is one thing that I look forward to during the year. I love everything about Summerfest, from the entertainment to the overall environment. People go for music, fun and friends, but it’s really just the overall environment` that draws people in, weather they are music lovers or not. Music is a sort of International language and that’s why so many people come to Summerfest.
ReplyDeleteI think it's interesting how much more money a headliner can bring to the venue based upon their popularity. While it might take more persuasion to convince the performer to come to Milwaukee, Wisconsin, the profits reaped from their fan base here will most definitely be worth the opportunity cost. Also, while it may be tempting for Summerfest to raise admission prices, the law of demand should remind them that as price increases, demand decreases.
ReplyDeleteI think it's a really good idea that they keep the ticket prices low because then other groups that sell their products at the Summerfest grounds can make a profit. People that attend the concerts will want food, drinks, and other gifts that they can buy from vendors. The low price will allow them to spend more money on things that will go back to the economy so the festival is a really smart thing to boost the local Milwaukee economy.
ReplyDeleteI think it's a really good idea that they keep the ticket prices low because then other groups that sell their products at the Summerfest grounds can make a profit. People that attend the concerts will want food, drinks, and other gifts that they can buy from vendors. The low price will allow them to spend more money on things that will go back to the economy so the festival is a really smart thing to boost the local Milwaukee economy.
ReplyDeleteSummer fest is a amazing event and it is not shocking that it is on the rise. The ticket prices will probably be on the rise at some point due to the rising number of people attending each year. And it is nice that it is right here in Wisconsin.
ReplyDeleteSummerfest is such a huge event that the profit made is steadily increasing as the years go on. I know that I wasn't interested in going to Summerfest until 2 years ago and I continue to go every year. Also, I know that the Milwaukee Country Transit system makes a huge profit as well since my dad is employed there. Not only that, people from all around the states come to listen to music so hotels have to make a profit from the festival as well. The tickets for Summerfest will always be in demand, even if the price still increases.
ReplyDeleteI believe that Summerfest is one of the biggest music festivals in the country is because of it's very small admission price. For some music festivals, 3-day tickets could range from $200 up to $600! People love Summerfest because for just one low price, they can hear their favorite artists while enjoying great food. My question is, however, why has the amount of people decreased in the past few years? Shouldn't it increase because of the popularity and consistent admission price? I believe this might have been caused because so many people are going. Some people don't like crowds and with Summerfest being such a huge event, less people are going because they don't want to be surrounded by huge amounts of people at a time. Summerfest also can get crazy when it gets later at night so that could be a reason less people are going now as well- they simply don't want to deal with the choas.
ReplyDeleteAfter Christmas summerfest is the next thing that is on people's mind. I agree that the tickets are becoming higher in demand because of the low prices and what you can get for those low prices. People are beginning now to look for tickets. Luke Bryan was announced today to play on July 7th and I can't be more excited to go on my birthday. Summerfest is a well known musical festival that people from all over the United States come too. I have family that lives in Arizona and they come here just to go to summerfest. Not only is summerfest bringing in money with the music but they do bring in money through food sales as well. People go not only for the music but to socialize with friends and to have a great time during summer. Summerfest is a well known summer activity and it does bring in a lot of revenue. I know that people can't wait to see their favorite bands come. Summerfest can't come soon enough.
ReplyDeleteYour post was very appealing to me because Summerfest is one of my favorite things about summer. It is no surprise that the attendance is increasing due to the affordability and the overall quality of the performers. However, I do feel like the attendance rate depends on which bands are performing and which genre. If it is a popular band on a free stage, obviously the attendance will be very high versus a band no one knows. Lastly, I recently looked up the price of general admission tickets for Summerfest 2016 as I was interested in purchasing a powerpass, and just general admission tickets bumped up to $20. Summerfest probably raised the prices due to the growing amounts of people and to make an even larger profit. Good topic!
ReplyDeleteYour post was very appealing to me because Summerfest is one of my favorite things about summer. It is no surprise that the attendance is increasing due to the affordability and the overall quality of the performers. However, I do feel like the attendance rate depends on which bands are performing and which genre. If it is a popular band on a free stage, obviously the attendance will be very high versus a band no one knows. Lastly, I recently looked up the price of general admission tickets for Summerfest 2016 as I was interested in purchasing a powerpass, and just general admission tickets bumped up to $20. Summerfest probably raised the prices due to the growing amounts of people and to make an even larger profit. Good topic!
ReplyDeleteWhen they come up with the idea for the price of entry per person they have to think about how much will people be willing to pay for Summer fest and also to be able to see what people are playing when they are there. Also they need to consider how much all of the performances will cost while also looking for a little profit to benefit for next year to make it even better.
ReplyDeleteSummerfest is my favorite place during the summer to go because I get to wear tanktops and meet good looking girls and overall it is a fun time. This summer I was going to see Selena Gomez and I spent over 200 dollars and for the meet and greet (which I want so bad) would have cost me over a thousand dollars. You bring up a very good point with summerfest, there is a lot of money that is put into this event for only two weeks. Many people look forward to this and even travel from different states to go party or see there favorite artist. I am from one will do whatever it takes just for Selena Gomez just because how popular she is, how good her music is, and how good looking she is. I do think they need to cut there prices down just a little bit more, however, with the money that they are making that will bring more popular artist each year.
ReplyDeleteIf you live in Wisconsin its a must that you at least go to one day of Summerfest. With it being one of the largest music festivals in the world its no wonder that over 700,000 people showed up and only had to pay an extremely low price of $13. And Summerfest isn't just about the music, the food and other events that happen on the grounds also draw in many who are interested.
ReplyDeleteI would completely agree that summer fest is very important to the Milwaukee area for the local economy. In the recent years, I've honestly have heard more bad things about the event then good. For example, I heard many people say its just a festivals full of crazy drunks (respectfully). Back in 2010, I attended a concert and overall had a good time. Their were a couple people that were different to say the least, but it still likely won't hurt overall experience. I see the overall demand staying the same for Summer Fest, and Milwaukee should continue to do as long as they're making a profit. Overall interesting blog post!
ReplyDeleteI know how big Summerfest is but I was still surprised how much money they bring in. Summerfest seems like it is getting widely more popular and I know people who come from out of state just to attend so it is no wonder that the attendance has increased in the last couple years. All in all very interesting blog comment I enjoyed it!
ReplyDeleteSummerfest in a major event that occurs in Milwaukee. People from all over travel to see people in concerts every night! Tickets for summerfest are kind of pricey but since they are being demanded, summerfest can charge a higher price knowing people will still buy them. Not only does summerfest itself make a ton of money, surrounding hotels and restaurants to as well. If people are traveling a far distance they will have to stay in a hotel because many of the major concerts are performed late at night. This is beneficial for hotels and other surrounding attractions. Overall, summerfest is not only a fun music festival but also brings in a lot of revenue for Milwaukee.
ReplyDeleteSummerfest is fest is an extremely important part of the Milwaukee economy. It brings in many people from out of town and the revenue it collects is crazy. I have bought the pass before which allows you unlimited access to the grounds. I think the passes are a great way for the company to make money. They go on sale before the festival and people rush to get them before the sell out. Since Summerfest is the only big music festival that provides all different types of music, it will continue to make a sufficient amount of money due to the lack of competition.
ReplyDelete$13 is an extraordinarily good price considering the musicians that perform there, many for free, X Ambassadors and Lindsey Stirling for example. So it nice to see that they aren't trying too hard to squeeze profit out of admissions when they know that they probably could and still have a huge attendance because of the festivals demand.
ReplyDeleteMilwaukee gains so much from having summerfest, thousands of people go there every year, and their prices are not too bad. They gain so much profit from that that they do not need to raise the prices any higher, especially because of so many famous people that play there on free stages. Milwaukee needs to keep this as it is one of the highest demanded things in the summer.
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