Music Festivals and the Economy
By Sophia Buss
I’m sure that most of you have heard of different music festivals that go on throughout the year; EDC (Electric Daisy Carnival), Electric Forest, Summer Camp, Winter Warmer and so on. These events have always been known as something fun and carefree to go do with a group of friends. Almost like- really intense, extended camping. But have you ever thought about the effects all these events have on the economy? If they’re positive effects or negative effects?
So it turns out that there are even greater benefits to music festivals than feeling free and letting loose for about a week... It’s actually a great boost for the economy! Most festival goers have to do a decent amount of traveling to get to whatever event they’re attending. When traveling around similar to a vacation- people tend to spend their money as if they’re on vacation. Local firms, restaurants and hotels have claimed to see the rise in their sales while festivals are going on near by. Not only do the festivals benefit locals, but it also creates jobs. The equivalent of about 25,000 full-time jobs were created. Insomniac, a dance-music promoter, has 48 events that have supported some $180 million in taxes for state and local governments. Though a couple billion dollars may not seem to be very much in comparison to America’s gross domestic product- GDP (that totals above $16 trillion) it’s pretty impressive for a mass amount of kids running around and dancing in an enchanted forest covered head to toe in glitter and dirt- it’s quite the sight.
Music festivals have improved and evolved since the early 1990’s and could now be considered to be stable businesses- promoting “buying sprees” to festival goers. It is a possibility that these events are becoming more and more popular not only because they’re obviously fun, but they can also greatly increase consumption and generate jobs.
One of the only disadvantages to having these events are that sometimes the local residents complain about noise or crowds beginning to get too “rowdy”. But after going over all of the benefits of festivals and seeing that this is the biggest downfall, why not continue to let the festival community grow and expand? Let loose, have some fun and give the economy a little boost!
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Shah, Neil. "How Music Festivals Pump Billions into the U.S. Economy." The Wall Street Journal. Dow Jones & Company, 31 July 2015. Web. 22 Dec. 2016.
"New York's Classical Music Radio Station." WQXR. N.p., n.d. Web. 22 Dec. 2016.