Music festivals have become ubiquitous in the summertime in cities around the world. Sure, they’re fun for hipsters and young adults who enjoy dancing to the sounds of indie artists while donning flower crowns and statement sunglasses. But they’re also often music to the ears of developers and property owners, especially during the off-season.
In low-season, venues are converted from inactive spaces to massive stages where thousands of festival goers gather to see the hottest names in music. This increasingly common transformation can translate to lucrative boons for landowners.
Last year, Coachella grossed a record-breaking total of $114.6 million in revenue, according to Billboard Boxscore. Plus, its overall economic impact quadruples that with staggering figures of $403 million to businesses in the Coachella Valley, reveals a 2016 economic study completed by Michael Bracken, managing partner and chief economist of Development Management Group.
Doubling-down, the city of Coachella is in the process of developing a hotel to accommodate the influx of festival goers that continues to grow.
From Coachella to Fuji Rock, we get the facts on several music festivals around the globe and their impact on the built environment.
Photo credits for the images above go to the following sources:
Fuji Rock—Jennifer Claesson
03 June 2015 by Daniel Rosen