In a recent survey conducted by Beacon Economics, we’re told Insomniac Events has generated over $3 billion for the U.S. Economy. The report looked at 48 Insomniac festivals across the U.S., including Electric Daisy Carnival, Escape All Hollows Eve, Nocturnal Wonderland, and many more between 2010 and 2014. This report comes off the heels of another sold out EDC Las Vegas and the recent sellout of Dream State.
“This study beautifully illustrates the powerful financial and cultural impact of dance music here in the United States. As support from our Headliners continues to grow, our contributions can continue to make a difference here at home and around the world.” –Pasquale Rotella, Founder and CEO of Insomniac Events
These events have also created more than 25,000 jobs and in turn, $1 billion in wages. State and local governments are likely to be pleased by the $181.1 million in taxes they raked in as well. 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 largest local economic impact obviously goes to Las Vegas with an economic impact of $1.7 billion. Other amazing impacts include San Bernardino with an impact of $440 million. New York and New Jersey saw $215 million. Per one of the studies lead author’s, Christopher Thornberg:
The study reveals just how significant the economic and fiscal impact of Insomniac festivals have been over time. 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.”
This information should make you feel a bit better about flying out of the Northwest to go to these festivals. Your actions are contributing positively to our countries economy. What’s the most you’ve ever spent on a festival? Was it worth it? Tell us in the comments below.
Full Data From Beacon
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