Welcome back to the two-part series where we dive into scalpers and music festivals and compare these elements with Taylor Swift and the Eras Tour. In the business of loving music, it’s hard to avoid purchasing festival tickets for a weekend to remember, and there are so many festivals out there. Ever wonder how much revenue festivals bring for companies and the local economy? We are so glad you asked.
Let’s chat about some big-name festivals we all know and love – and the ones that are arguably the biggest.
Starting strong, EDC Las Vegas (EDC) is a heavy hitter. Hosted by Insomniac, this weekend attracts 450,000 people each year. This festival has been lighting up the electric sky since 1991 and successfully brings in revenue of around $143.3M each year and boosts Vegas’ economy by more than $1.3M. With stunning stages, impressive artists, and sets from dusk to dawn, EDC is sparkly and remarkable for Vegas tourists and natives.
We’re on the West Coast; did someone say Coachella? It’s no secret this festival brings in big names, not limited to those on the lineup. Coachella is known for attracting celebrities who don’t hold back on their outfits and glam each year. It’s iconic, to say the least, and it definitely adds a lot of flare to the three-day festival. Coachella’s revenue is impressive – bringing in $115M collectively from ticket, food, and beverage sales. This infamous festival does more than attract influential artists and celebrities. It generates around $700M for the local economy in Indio and surrounding cities each year.
Up next – Ultra Music Festival in Miami. With around 170,000 people in attendance each year, Ultra brings in around $33M in revenue – with 2022 as its peak year. This three-day festival has been bringing fans to Miami nationwide for 24 years. Ultra has been known to have a “unique” atmosphere: from vendors, visuals, art installations, and more, this festival is sure to create a memorable experience. For the state of Florida, Ultra successfully boasts $200M for the local economy and surrounding cities.
As Taylor Swift once said, are you ready for it?
The Eras Tour in the U.S. has recently come to an end. Taylor Swift successfully sold out all 51 stadium shows and generated revenue of around $13M per concert. Experts have predicted that she will make a total of $2.2B from North American ticket sales alone. That doesn’t even account for the number of streams her songs get from streaming platforms, merchandise sales, or the additional U.S. shows she recently added to her tour.
Each show consisted of a three-hour performance with a setlist of 44 songs. 44!!! Not many artists have curated sets like this or can successfully execute something similar. Face-value tickets for her concerts start at around $120 but – as we’ve already talked about – have resold for over $1,000 for one night.
Taking fans through each era creates an exceptional experience for those who have grown up with her, nostalgia and new experiences all in one. However, there is one special part that Taylor Swift does in addition to the three-hour set. Every night, she brings the energy down (just enough) for an acoustic section of the show, which includes two “surprise songs” that are different each night.
Like music festivals, the Eras Tour has been boosting the economy in major cities across the U.S. During Swift’s Las Vegas stops, the Las Vegas Convention and Visitors Authority said she restored the economy to “pre-pandemic levels,” bringing in more tourists compared to the previous years. The weekend’s hotel occupancy in Vegas soared up to 95.4% during this time as well. Known as Swiftonomics, Taylor Swift has boosted tourism and travel across the nation during her U.S. leg of the Eras Tour.
So what?
The Eras Tour and music festivals alike do more than attract big crowds to enjoy music – they boost the economy and are vital to local businesses. We all crave the feeling of belonging, and that’s exactly what live music does. We’ve all had incredible times and created wonderful memories at festivals, and those cannot be replaced. We’re grateful for every concert and event that these artists have poured their heart into. To live in a world where we can experience and access so much live music is special, and we hope you have many festivals and concerts to look forward to in the future.
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