Online American business magazine Forbes takes a look at EDM yet once again, It seems when Forbes Summarizes, What Is EDM? its not enough. Forbes has release another story on EDM and the $94 Million Economic Impact one EDM festival, TomorrowWorld had in 2014, Georgia, USA.
When it comes to the electronic dance music live world, it’s all about bigger, whether it’s stages, crowd sizes, or the number of lights and pyrotechnics that are going off every other second. Festivals and big-name acts are always trying to outdo themselves, and one enormous event has done just that with the amount of money it is bringing into a local economy, just by existing in one area.
Georgia-based music festival TomorrowWorld has exclusively released their economic impact to Forbes, and it features some truly impressive figures, all of which prove that the event is intent on besting itself year after year. In 2014, the festival was responsible for just under $94 million in economic activity across Georgia, all of it thanks to the state’s hosting of TomorrowWorld. Breaking that $94 million figure down is where things really get interesting, especially for the state, which reaps plenty of benefits.
Almost $72 million of that total is labeled as “new” economic activity, and that comes from plenty of different sources. The 160,000 music lovers that made their way to the greater Atlanta area all had to spend money on transportation, lodging, food, beverages, and entertainment, and many of them chose to spend some extra time in Georgia either before or after the event, where they spent even more money. When all was said and done, an estimated $4.7 million in state and local taxes were generated, much of which ended up staying in the area.
When combined with last year’s festival—the brand’s first in America—the total economic impact totals out at an impressive $173 million.
These numbers were crafted by research firm ICF International ICFI, which was hired by TomorrowWorld, and they include “the organizer’s production-related spending, expenditures made by out-of-town participants on lodging and entertainment while in Atlanta, and event-related spending made by local residents who participated in the festival” according to a release detailing the findings.
“These numbers are a humbling reminder that our work has a significant impact to our local community and home” said Jamie Reilly, project director of TomorrowWorld.