Insomniac festivals have contributed $3.17 billion to the U.S. economy over the past five years, according to a report conducted by Beacon Economics.
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The national economic survey looks at the fiscal impact of 48 of Insomniac's events produced between 2010 and 2014. During this period, 3.39 million enthusiastic fans came together across 14 cities to experience Insomniac's signature festivals including Electric Daisy Carnival and Nocturnal Wonderland.
The news of this impressive, long term fiscal impact comes shortly after the 5th annual EDC Las Vegas celebrated another sold out year at the Las Vegas Motor Speedway, attracting more than 400,000 people to the Las Vegas area.
"This study beautifully illustrates the powerful financial and cultural impact of dance music here in the United States," said Pasquale Rotella, Founder and CEO of Insomniac.
"As support from our Headliners continues to grow, our contributions can continue to make a difference here at home and around the world."
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 48 festivals supported the equivalent of more than 25,000 jobs, translating into more than $1 billion in labor income for workers and an estimated $181.1 million in taxes for state and local governments. The total Insomniac spending impact came to $890 million with direct spending equaling $327.4 million, excluding talent costs.
Significant fiscal impacts were made in each region of the country where events were held including in San Bernardino, Ca. which received an amazing impact of $440 million from festivals like Nocturnal Wonderland, Escape All Hallows' Eve and Beyond Wonderland.
he New York and New Jersey areas benefited to the tune of $215 million while the city of Orlando, Fla. saw a $126 million impact. The Las Vegas area reaped a whopping $1.7 billion.
Insomniac produces some of the most immersive music festivals and events. Throughout its 20-year history, Insomniac has produced more than 250 festivals, concerts and club nights for nearly 4 million attendees in California, Colorado, Florida, Nevada, New York, Texas, Puerto Rico, and the United Kingdom.
The company's premier annual event, Electric Daisy Carnival Las Vegas, is the largest multi-day music festival in North America, and attracted 400,000 fans over three days in June 2015. ■