Economy | News | Real Estate

Why Festivals Are Awesome for the Economy

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Last weekend marked the 6th annual Fun Fun Fun Festival along with record high attendance. A crowd of almost 15,000 people per day came together to enjoy some tunes at Auditorium Shores in the Live Music Capital of the World. Headliners such as Spoon, Major Lazer, Passion Pit and British punk legends the Damned helped increase attendance by 40% over last year. Such high attendance did not reflect the poor shape of the economy.

Visitors to the fest spent an estimated $5.5 million, money that goes back into the Austin economy. While this is a small number compared to the economic impact of SXSW or ACL, this is still a significant source of taxable revenue for the city of Austin.

Even the weather couldn’t stop attendees from contributing to the growth of the music industry and economy. Dust and dry weather didn’t stop the music lovers from enjoying the three-day music festival. Like festival James Moody exclaimed, “We’re essentially throwing a big party in a desert.”

It’s undeniable that everyone just wants to have FFFun and enjoy live music, even if the conditions are less than ideal. City of Austin understands this and continues promote live music festivals because without it, we’d probably be in a lot worse shape. Live music festivals are contributing to the City of Austin’s economy in a big way and we need to support it.

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