New Study Reveals The Revenue & Jobs EDM Fests Create For Economy
Beacon Economics has conducted a survey to measure the economic impact that Insomniac, the promotional company of such major festivals as Electric Daisy Carnival, has had over the last five years and the results are encouraging to say the least. The findings point to the conclusion that EDM is very, very good for the economy. Over the last half-decade, Insomniac has generated an astounding $3.17 Billion in revenue.
With 48 events from 2010 through 2014, Insomniac drove in 3.39 million excited EDM fans throughout 14 different U.S. cities. Pasquale Rotella, Insomniac's CEO and founder, is ecstatic at the results of the fiscal survey.
"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."
Insomniac's events don't just benefit their company, however, as the massive people who make pilgrimage to their mind blowing events spend millions on transportation, food, beverages and lodging. Insomniac is home to more than 25,000 employees, generating $1 billion in income for their staff and paying $181 million into state and local taxes.
Cities that host Insomniac events saw their economies boosted by their presence, with Las Vegas alone drawing in an incredible $1.7 billion.
Christopher Thornberg, Founding member of Beacon Economics commented on the results of the study.
“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.”