It’s amazing what a crowd full of people, several months of advanced planning and one noble cause can do for a city. Music festivals have been known to cause a lot of controversy in the past and while it is easy for people to judge on the external events, it’s admittedly difficult to notice how much work and effort is really put into the making of an actual music festival. Insomniac Events is the proud promoter of New York’s Electric Daisy Carnival which brought in nearly $34 million in 2014, spread between New York and New Jersey, though the “fiscal impact” was limited to a more modest $18 million. This includes booking the talent, setting the stages, hiring security and the works. The labor totals 321 full-time jobs, costing around $16.5 million. This, in turn, has created $2.6 million in tax revenue for state and local governments.
On top of that, festival-goers invested millions more on everything else they needed during their weekend of fun. Revelers spent $6.5 million on food and beverages, $2.4 million on entertainment and retail, and $1.5 million on transportation to and from the event and around the area otherwise.
Rest assured, it does pay off. According to the Beacon Economics report, shared exclusively via Forbes Magazine, New York’s EDC brought in an estimated $34 million last year, with 40% of the attendees being outside of New York. A large amount of tourist revenue for New York and New Jersey alike came from hotels, transportation, food, souvenirs and some probable sight-seeing.
With such successful results, Insomniac gives back to the community, with $1 from every purchased ticket and $10 from every guest list spot put towards a charitable donation in local charities. So the next time someone decides to complain about the noise and the mess left after the party, remind them that it benefits not only the state economy, but those in need.
Gather up your energy for this weekend’s EDC in New York featuring the likes of Armin Van Buuren, Afrojack, Carnage, Yellow Claw, Knife Party and many, many more.
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Source: Forbes | Image Source
