Insomniac Generates $3 Billion For Economy
Insomniac events have generated over $3 Billion for the US economy in just 5 years. With events such as EDC, Beyond Wonderland, Nocturnal Wonderland and Dreamstate to name a few, it’s breadth of festivals is undeniable.
Festivals and concerts bring in vast sums of money, before, during and after the event. While the headliners fee’s are often disputed, the input and output costs of putting on such big events adds up. Affecting not only the cities, but also the entire states once their over.
Infrastructure costs are often under-appreciated, yet their are the single most important elements to it’s success. Transportation, accommodation, staffing, food, drink and venue hire – It’s got to come from somewhere, in the right quantities, and the correct qualities.
If the city isn’t raising money from these projects, there’s little incentive to host them. The long-lasting impacts of festivals is an under-studied subject. But thanks to the legends at Insomniac, the economic summary of their work over the past 5 years is now available. The company’s expansion can clearly be seen, covering 48 festivals in 14 cities just in the U.S, reflecting the might of the dance music movement in the country.
“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,” – Christopher Thornberg, one of the studies lead authors and founding partner of Beacon Economics.
“This study beautifully illustrates the powerful financial and cultural impact of dance music here in the United States,” says Insomniac Founder and CEO Pasquale Rotella. “As support from our Headliners continues to grow, our contributions can continue to make a difference here at home and around the world.”