Kristie Tabbert
Mr.Reuter
Economics B2
24 April 2016
Summerfest is Arriving
Summerfest is one of the biggest music festivals in the United States. While 65 days to opening day seems to be too long to wait for, people of all ages are eagerly buying their concert tickets and power passes. People from all around the country and unified by one thing they have in common, music. Milwaukee’s tourism rates constantly increase each year as Summerfest becomes more popular. One year “Summerfest officials said anywhere from 5,000 to 7,000 people were let in without tickets. Estimates were as high as 117,000 people that night at the festival” (Walker). Admission estimates will most likely be higher this year as well because of the line up. This year the lineup is very country, which seems to be the top favorite for many Americans. Making Summerfest a demand on people’s summer bucket lists.
While people spend hours walking the grounds per day they are also spending lots of money to feed their needs. The average net income per year is about $12.4 million, making the profit at the end of the year about $364,000. All these sales and purchases increase the GDP of The United States. Without consumers Summerfest wouldn’t be able to make a profit. They also wouldn’t be able to make a profit if the line ups weren’t any good. Consumers aren’t going to pay $20 + dollars to see a band that they don’t want to see. This year the admission prices have already increased to $20 and all concessions are said to go up another 8% as well. With these increases the profit of Summerfest is going to increase more than it ever has before.
Older people don’t consider going to Summerfest as much as they used to. It’s being taken over by younger college and high school students. Many adults don’t want to deal with drunk students so their demand to attend the festival has gone way down. While the atmosphere of this festival is taking a turn to appeal to younger kids the effects of this festival is great for the Milwaukee area and Wisconsin as a whole. Now, all we have to do is patiently wait until opening day to see our favorite performers.
"Home | Summerfest, The World's Largest Music Festival." Summerfest. N.p., n.d. Web. 24 Apr. 2016.
Walker, Don. "Summerfest Reports Attendance Was up at This Year's Festival." Jsonline. N.p., July 2013. Web. 24 Apr. 2016.
I never really considered how big Summerfest truly is since it’s so close to home. I also never realized how much money is being made on these grounds. At around $10 a ticket for 117,000 people, that adds up quickly. That number rises even more when the performers are popular causing lots of attraction to the Milwaukee area. I personally just started getting into Summerfest just last year, when previously I had little to no interest. Those 65 days couldn’t come quicker, this year is going to be a good one.
ReplyDeleteI think it’s good on sumerfests behalf to up the prices, but I don’t like the fact that we have to pay more. I spent 90$ on a power pass when they were originally 70-80. All the things to buy in summerfest are also becoming more expensive, even though they already are. It's hard to go a day at summerfest without spending money, but it looks as with that 8% increase in price, I will have to. On the other hand, It is good that they are bringing more consumers in with good lineups, and i’m excited to see plenty of bands this year.
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ReplyDeleteFrom a personal point of view spending $20 to get into summerfest and see a concert that would normally cost at least $50 is a great deal. But looking at it as a whole is a genius idea. Due to the entrance being so cheap so many people come from all over Wisconsin to see their favorite artist racking in the cash each night. For summerfest it is probably a good thing that more teens and young adults come because they are the ones more likely to spend money on goods and services within the park itself. In the end I have never thought about how summerfest economically benefits the state of Wisconsin and it was very interesting to see how it does.
ReplyDeleteI guess when you go just to see a performer you never really look at where all this money is going. Summerfest has grown so much over the years. I feel like if they had choices to buy tickets earlier people would do it and they would get more money. I do disagree that older people don't want to go as much and that the demand has gone down because I still see many adults at some concerts that kids attend.
ReplyDeleteI agree with the statement meaning that older people don't go to summer fest. This is mostly because there is really no one that really palys that played back in their day. Prince jut died, Michel Jackson already died, the rolling stones played last year and who knows when they will be back, and Earth Wind and Fire was here couple years ago and are not going to be here for a while and Charlie Wilson has played here but he canceled his show because his back was hurting. All the people that are in there day are just getting to old to be playing music and are not doing shows anymore meaning they aren't going to have any reason to show, and most young people are going.
ReplyDeleteSummerfest is slowly evolving to appeal to a younger crowd. I had no idea that they made that much money from the festival, though. Also, with them raising their overall ticket and food prices it will increase revenue leading them to make a lot more money. Interesting article, though, and a very prominent one too noting that most highschoolers have started purchasing their power passes etc.
ReplyDeleteGreat topic to talk about. I never really thought about how big Summerfest really is. I know almost all of my friends go but I never realized that people from all over the country come to gather at this one event. Also it's crazy to think about how much money Summerfest and the things involving Summerfest really makes. They have all the tickets that are being paid for, the food, the drinks and the transportation. Since people don't want to drink and drive they get rides on the buses so the bus companies make money. All the food and drinks that are bought there are already expensive. It amazes me how much Summerfest can cost as a total if you buy food drinks and take a bus. As I have never been to Summerfest before I believe you when you say that it is primarily taken over by college and high school students. I never knew that people were let it without having tickets. Was it to busy to keep track of everyone or did they sneak in or how did they get in without having a ticket? Other than not knowing more about how people got in without tickets this was a great topic and had me interested. Good Job!
ReplyDeleteI find this interesting that the profits of the festival is enough to show an increase in the overall United States GDP, at 364,000 and the net income at 12.4 million dollars. I have attended Summerfest numerous times and I've always had a great time. I also found it interesting that such a large number of people get into the festival without paying any admission. $20 for admission I believe might be too high but for the love of music I don't think It will have a big impact on the total number of people at the festival. It's always great to see that Milwaukee's tourism rates are increasing though.
ReplyDeleteSummerfest is huge and it’s a great time for everyone! Music really can bring people together. I always wondered where the economy would be without Summerfest considering it impacts it so much with all the money that gets poured in and out of it. Summerfest may impact the United States but the impact on Milwaukee alone is great and Wisconsin as a state! People create some good memories and have a good time at Summerfest, where I have seen people who usually fight and dislike each other taking pictures together. Summerfest not only affects the economy physically but mentally. Making just about everyone happier and bringing people together!
ReplyDeleteEven though the ticket price for Summerfest has increased to $20, people are still willing to buy the ticket because of all the great concerts that they would be able to see. As well as that, if someone is going to go multiple times, then they would buy a power pass, which would actually save them money because it would cost less to buy than buying a ticket every day. As well as that, with the extra 8% increase of concessions, I truly believe that Summerfest will make a higher profit this year. One factor that could have influenced the decision to increase the price of concessions is the amount of money that is being spent to put Summerfest together, such as the pay of the workers or the cost of the bands. All in all, this post was very interesting to read and I enjoyed how you connected it to something in Milwaukee that helps boost our economy. One thing to improve on, would be to add a chart to show how much profit Summerfest makes annually. With this chart, people will be able to see how Summerfest is getting bigger year by year.
ReplyDeleteSummerfest is getting bigger each year and is continuing to increase their profits from each year to year. This is a state wide event that everyone in Wisconsin is hyped about, but I've never really gave a thought to the economical benefits that Summerfest offers. It's insane to think about how many people attend Summerfest and how much they pay for other things other than the ticket expense. This was very well written piece and had good evidence about how beneficial Summerfest is to the economy.
ReplyDeleteSummerfest is cheap if you look at it. 20 bucks to see people play music is a good deal. Other places probably charge around $50 to see them play. And while prices of food is increasing it's still won't effect there income because people come for the great food to not just the music.
ReplyDeleteI agree with your statement in that Summerfest is great for our economy. People of all ages from all over Wisconsin and the United States are willing to pay good money to come and see their favorite bands perform and spend time with their friends and family at its prime lakefront location. With that being said, you are correct when you say that they can continue to raise their ticket prices to increase income, but it is also good that they still offer Power Passes and 5-day Passes to save people money as well. The income from Summerfest every year is great for our city, our GDP, and our economy as a whole.
ReplyDeleteI agree with your statement in that Summerfest is great for our economy. People of all ages from all over Wisconsin and the United States are willing to pay good money to come and see their favorite bands perform and spend time with their friends and family at its prime lakefront location. With that being said, you are correct when you say that they can continue to raise their ticket prices to increase income, but it is also good that they still offer Power Passes and 5-day Passes to save people money as well. The income from Summerfest every year is great for our city, our GDP, and our economy as a whole.
ReplyDeleteI do agree that Summerfest is popular for the young, but a majority of the artists that have performed ever are artists the festival brings in targeted for adults. It is growing each year, which is great for the Greater Milwaukee Area, pulling in folks from almost all over the country, which brings great profit to business the support and surround the festival grounds. Although you did include information about increasing prices, it would be nice to see some sort of chart to stress the growing prices.
ReplyDeleteSummer fest can be cheap, seeing bands play for $20 is a good deal, but that's all they need, summerfest has so many people who attend it doesn't even matter what the cost is, either way they probably bring in billions of dollars in profit in total from how many tourists come in and buy food, see bands, private stages, the amusement rides, the shows, etc.
ReplyDeleteSince we live in Pewaukeee and Summerfest is only a half hour away from us I believe we think the prices should be really cheap. We take for granted we don't have to stay in hotel for a long period of time to see all these bands or drive a long way. For only $20 a day to see unlimited bands is actually a deal. Plus getting a power pass is only $90 and if you were to go all 11 days you would still be saving $130 which is a steal. Plus lots of people get free tickets through their parents sponsorship's or winning them. We many think this is a lot of money being high school students when really it is not.
ReplyDelete-Carson Cotterell
DeleteSummerfest is a great way for Wisconsin to bring money in and a great things for families and groups to go to have a fun day out, enjoy music and enjoy the nice weather. I personally have gone to Summerfest only a few times since moving up here but i look forward to it. I always see bands that i would normally never go see and end up liking them. I feel that that kind of effect would in turn end up making me buy more albums which would also be good for the economy and for the band because they would get money from it as well.
ReplyDeleteMany people I know of including myself can't wait for Summerfest and I know that the demand for our age group is increasing every year. I look at Summerfest as a cool place to hang with friends, meet new people, and listen to great music. Personally, I never looked at the economic side of Summerfest, but after looking at the profit margins, it seems that Summerfest is in fact good for the economy. After reading about the decrease in elderly people's demand, I wasn't at all surprised because of all of the highschool students, college students, and the bands are more attract for younger folks. In the end, I think you did a nice job incorporating economic vocabulary and explaining how summerfest helps the economy.
ReplyDeleteSummerfest may draw in a younger crowd more now but it still draws in plenty of adults and the artist are a big reason for that. As it grows it draws in more people of all ages not just teens or adults. Adults get drunk just as often as college students so the real push factor towards adults coming less is some newer bands don't tickle their fancy as I believe the saying goes.
ReplyDeleteI believe $20 admission is reasonable considering the number of musicians you can see in one day. When I saw Green Day in Chicago several years ago, tickets were $110 each for cheap seats. As for more young people attending, many acts are geared for high school/college age. But there is also a nice blend of older acts for 20 to 50 year olds. Let's face it, older people usually have more money in their pockets than a college student does. One thing Summerfest does is create huge revenue to not only the city of Milwaukee but all of southeast Wisconsin.
ReplyDeleteIt is true that the pricing for the power pass is increasing due to the demand from consumers. In the past years the power pass has been $70-80 and this year it went up to $80-90. It's true that Summerfest needs consumers to receive a profit just like any other business. I would've not expected the profits would be in the $300,000 range. I guess I never realized the expenses of paying for the food and obviously the musicians. This was a very interesting read!
ReplyDeleteI did not know that the ticket prices at Summerfest were going to increase to $20 this year. Of course Summerfest needs to make a profit but if the prices continue to rise, will consumers still attend the event? Or maybe people will just go one time instead of everyday. Although there are so many band and performers to see, it just seems like when you are paying for a ticket, food, drinks, and everything else, in the end it may be cheaper to go to a regular concert where it's less of a hassle and more enjoyable in my opinion.
ReplyDeleteSummerfest has to be the biggest event that Milwaukee has, thousands of people come out to Milwaukee for this event. I know a lot of people from Illinois and Minnesota that come out to Milwaukee to attend the Summerfest event. Milwaukee brings in a lot of money during this time and it is a big part of Milwaukee's economy. Unfortunately I will not be able to make it to Summerfest this year because I will not be here in the summer but I will for sure make it to the 2k17 one.
ReplyDeleteI've realized that the price of tickets are increasing for Summerfest more and more every year as it is becoming such a popular event for many people. As the consumer demand for Summerfest increases, so does Summerfest's demand for popular performers. As the demand for these performers increases, so does the price for them to perform. This causes a continuous cycle of ticket prices increasing. I found this really eye opening because I always complain about why Summerfest keeps increasing ticket prices, but now I understand the reasoning behind it.
ReplyDeleteSummerfest does very well making profits considering the fact that it is only open for a couple of weeks during the summer. This means that there will be seasonal unemployment after it ends and workers will need to find a new job to avoid becoming discouraged workers. I believe that Summerfest will continue to make profits as long as they continue bringing mainstream bands that consumers are demanding to see.
ReplyDeleteI found it very interesting that ticket prices are increasing to $20 this year just to get into the park. Not only do you have to pay for the ticket but the food and drink also costs a huge amount of money. Since there is no other option for drink and food the park can increase the price because consumers will buy it no matter what; some people might try not to eat or drink much but will have to give in and drink something due to the heat. Also, the best well known performers have a ticket price to be able to watch them. Overall the price of Summerfest continues to increase and people continue to pay it since this music festival is so well known.
ReplyDeleteWhile I know that you said that Summerfest is mainly dominated by youth, I know that the people who make the Summerfest lineups try to incorporate all age groups when selecting bands. I had no idea that the prices of food and tickets were increasing so much, it makes me curious how much revenue increase it will bring in, or if people will start going less due to the high price of tickets and food. It would be interesting if you would have found out how the revenue of Summerfest has increased since it first debuted. Overall great post!
ReplyDeleteWith the increase in all goods raising by 8% it may cause people to buy less stuff. I already believe summerfest is extremely overpriced and due to that only go a few times a year. And now with the increase in goods, I will be spending even less money on the grounds. Also I think they are trying to make the line up more appealing to older people so they will continue to spend their money on the grounds as well.
ReplyDeleteI agree with what you stated. Summerfest is one of the biggest attractions that pull people to spend their money for the music. Each year, the bands are getting more popular and more people hear about them and would spend their money to see them. I also agree with how, not only does this tourist attraction help the customers with their needs and their demands, but the people working are also making a profit, and so is the Summerfest grounds as more and more people each year are wanting to come. When you stated that the food and tickets increase, most people wouldn’t care as they are still getting to see their favorite bands perform live. Some might not even notice the change in the food and drinks pricing. Good Job!
ReplyDeleteVery interesting article, the last portion that talks about the grolwing amount of teen and young adults that have begun to go is very interreting as well. As you said due to this change many adulta are finding it less and less of neccesity to go, which leads me to wonder if that hurts the profits. Normally adults tend to have more many than young teens, so they are willing to spend more. So it would be interesting to take a look at thoses statistics. Overall summerfest has gone through many changes since it start, but it is always growing.
ReplyDeleteIt is true that Summerfest is now dominated by the youth, but with increase with prices that is going to make people stop going. Where did they think that people have the money for that? I think that is why they are trying to come up with lines older people would want to go see, because they think that they can get more money from or make up they are losing from the youth because of the increase in prices.
ReplyDeleteEven though Summerfest seems to involve the younger crowds more often, I think Summerfest is doing their best at trying to incorporate older bands like the 80s band, Styx, into the mix of the lineup to attract a wider age range. The more Summerfest can increase their age range, the more profit they will obtain from this large festival. In addition, the older crowds and family-based crowds seem to come in during the times of the day versus at night where things can get a little crazy. With this widely attended event, it only makes sense for the food prices to be increasing since the consumer demand is also increasing.
ReplyDeleteMany good facts in this. With the decreasing in adults going, wont more kids be going? I didn't know that prices have increased! I might not want to go now that I see how much it costs. Demand may go way down from the concessions and price of tickets being brought up, while the supply might go up due to the fact that they think many people will be there. This will cause a surplus and a waste of money for the city. It brings in a lot like jobs, and money for our city.
ReplyDeleteI agree that Summerfest has brought in buckets of money and therefore contributes to the nations GDP. Not only do people buy tickets but because it is hosted in Milwaukee, a place known for there beers, people like to buy expensive drinks there as well. Therefore not only is there music to enjoy but money is brought in by selling drinks, clothing, purses, food, ect. and the prices on these objects are usually raised. While it might be true that the younger generations seem to attend this festival more, it extends to all ages.
ReplyDeleteSummerfest draws in people from all over the world. Some of the biggest artists perform and people don't want to miss it! All of the profits that Summerfest makes through: ticket sales, beverages, clothes, etc. is simply amazing. Not to mention hotels near by that are booked throughout the duration of Summerfest. If there wasn't Summerfest Milwaukee would suffer the opportunity cost of making huge profits and exposing the amazing city of Milwaukee. Overall, I really liked your article and it made me excited to go see some concerts!
ReplyDeleteSummerfest is one of Milwaukee's most popular events that happens every year bringing in thousands of people every day, meaning lots of profit for the city. Each year more and more people are experiencing what its like and with the high demand for popular artists it makes sense why ticket prices are going up so much this year. Overall good article though!
ReplyDeleteWhen summerfest comes around the while Milwaukee area is always crazy packed all day and night. It was crazy to see that 5,000 to 7,000 people came in without tickets with security being there. But since this being very popular, and with all the increases in prices for tickets and the food people people will still buy them no matter what especially college and high school students. They will for sure increase the nation's GDP and their profits if they have performers that people want to see. But, even if the line isn't great, people will still attend just for the crowd and still pay money.
ReplyDeleteSummerfest attracts a lot of tourists to Milwaukee each year. People come from all around the U.S. just to listen to music and be with friends. Each year Summerfest brings in so much money to Milwaukee. This year ticket prices are going up even though the line up isn't the best which is a bad idea because people won't want to pay more for a ticket when there's only a few popular artists. College and high school students would be more likely to go if the line up this year was a little better. Overall good article though.
ReplyDeleteSummerfest is undoubtedly one of the most beloved music festivals in the United States. Everyday for two weeks, Milwaukee is raking in money at this event. The expensive drinks, food, clothes, etc all help reel in the cash. I would definitely agree that Summerfest contributes to the nations GDP considering it is easily one of the largest music festivals in the world. It is kind of depressing however that less older people are going due to the fact that rowdy teenagers are ruining the experience. But, the more young people that come in, the more money they are making. They aren't as wise with their money as the older people, so they are bound to blow through their money buying their necessities for the night. Overall, good article!
ReplyDeleteSummerfest is a well known huge music festival that people from all around come to. A place for young and old people to come and spend ridiculous amounts of money. It brings in a very high amount of money to Milwaukee so I don't doubt that Summerfest could have some contribution to the GDP of the country because it it one of the biggest music festivals in the world. But too bad the line-up for who's gonna perform there sucks this year so a lot of people probably won't even go.
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