Coachella helps generate around $704 million
Its country music counterpart, Stagecoach, also rakes in a lot of cash
Is it any surprise that Coachella contributes towards a massive financial windfall?
The two-weekend festival, which concluded on April 24, and its country music counterpart, Stagecoach, are said to have generated $704 million over a total of three weekends. Of that, it's reckoned that $403m goes to businesses in Coachella Valley, while those in Indio are said to rake in $106m.
It's also estimated Indio gets around $3.18m from ticket tax revenue, making up five per cent of its total funds, according to a study published by Desert Sun.
These aren't the only festivals that are huge moneymakers. Around $1.3 billion has been made since Electric Daisy Carnival made the move to Las Vegas in 2010, with $350.3m of that arriving in the past year.
Another festival from the Goldenvoice team behind Coachella is heading to New York this summer, with another event in Indio apparently being lined up.
[Via: Medium.com]
Dave Turner is Mixmag's Digital News Editor, follow him on Twitter