Study: Coachella Music Festival Brings $254 Million to Surrounding Area
The city of Indio, where the concert grounds are located, saw the largest impact -- roughly $89.2 million in spending and $1.4 million in tax revenue.
A recent study revealed The Coachella Valley Music and Arts Festival last year brought in a whopping $254.4 million to the surrounding desert area.
These figures come following the festival's to expansion to two weekends, three-days each, as well as an announcement that promoter Goldenvoice is looking to add multiple events in the fall months as well.
According to a story in the The Desert Sun, the city of Indio, where the festival grounds are located, saw the largest impact -- roughly $89.2 million in spending there. In 2012, there was roughly $1.4 million that came to Indio in tax revenue alone. There was also a 31.2 percent increase in hotel taxes from the previous year as well, largely attributed to the city's decision to tax the festival campground fees.
The study was presented at the annual economic summit of the Coachella Valley Economic Partnership last Thursday.
In March, Goldenvoice announced it had purchased 280 acres of land for camping and parking around the Empire Polo Club, which it does not own but is where the festival is held. Just a few months later, in July, Goldenvoice threatened to move the festival out of Indio after a city councilman had proposed an amusement tax that could have cost the company between $4 million and $6 million annually. He later dropped that initiative.