NEW YORK, May 21, 2015 /PRNewswire/ -- The two-day Electric Daisy Carnival (EDC), New York held last year at MetLife Stadium during Memorial Day Weekend 2014 pumped a whopping $33.9 million into the New York/New Jersey economy, according to an economic impact report released today by Beacon Economics, LLC. The news of the impressive fiscal impact comes just as the 4th Annual EDC New York makes its return to MetLife Stadium on Saturday, May 23rd and Sunday, May 24th, 2015 for another year of beautiful production, art and music.
"It's very important to me we make a positive impact on the areas that surround our festivals," said Pasquale Rotella, Founder and CEO of Insomniac. "This will be our fourth EDC New York, and through the support of our fans, we've been able to contribute $33.9 million to benefit local communities. I'm very excited to return to MetLife Stadium for yet another incredible journey."
"As both an area resident, and the representative of businesses in our region, I have personally seen the positive impact the Electric Daisy Carnival has on the local economy," said Jim Kirkos, President & CEO of the Meadowlands Regional Chamber and CVB. "Immediately following last year's Electric Daisy Carnival, we surveyed our member hotels, which were very pleased that occupancy rates were so high, especially during what ordinarily is an economically slow holiday weekend in our region. The local business community is looking forward to this year's Electric Daisy Carnival."
The study, commissioned by Insomniac, revealed that festival attendee spending accounted for an economic output of $16 million while festivalgoers' direct spending totaled at $12.3 million. Almost 40 percent of attendees traveled from outside the metropolitan area just for the event, accounting for an estimated 11,800 hotel room nights alone and generating $1.8 million in accommodations. Half of visiting fans also decided to stay additional days in the area to spend time at local attractions.
Additionally, guests spent more than $6.5 million on food and beverage, $1.5 million on transportation and $2.4 million on entertainment and retail spending. Insomniac spending was responsible for $18 million of fiscal impact – excluding talent costs.
Last year's event hosted a sold out crowd of approximately 100,000 excited festivalgoers throughout the two-day show, attracting both local residents and visitors from all over the world. An astounding 96 percent of guests said they would highly recommend others attend EDC New York.
The $33.9 million economic output created by EDC New York increased labor income for workers in the New York area by $16.5 million and supported the equivalent of 321 full-time jobs. The festival also created an estimated $2.6 million in tax revenue for state and local government, which is enough revenue to support a year's salary for more than 34 full-time teaching positions at New York public schools. Beacon Economics used data provided by tens of thousands of attendees via a comprehensive survey and input issued by Insomniac.
"The presence of a major event like this one can have a significant impact on a local economy," said Beacon Economics' Founding Partner Christopher Thornberg. "In the case of EDC New York, a high proportion of attendees come from outside the area and spend on local goods and services. That money isn't taken from other parts of the local economy, it's a true boost to the aggregate wealth of the area."
In addition to EDC NY's economic impact on the tri-state area, Insomniac's Charitable Giving Initiative donates $1 per ticket transaction and $10 per guest list attendee to charitable organizations in the local communities where the festivals are held. This year, Insomniac is proud to announce partnerships with City Green, a non-profit organization dedicated to helping establish urban farms and gardens in northern New Jersey, and A Broader Way Foundation which offers girls from urban communities an outlet for self-expression and creativity through arts-centered programs. In the past two years, Insomniac has donated over $200,000 to local and regional organizations following EDC New York.
The 4th Annual EDC New York will return to MetLife Stadium for two unforgettable nights on Saturday, May 23rd and Sunday, May 24th, 2015 featuring over 70 of the top acts in dance music across four breathtaking stages. For tickets and updated festival information, visit NewYork.ElectricDaisyCarnival.com. Stay connected and keep up on the latest news on Facebook, Twitter and Instagram.
Insomniac produces some of the most innovative, immersive music festivals and events in the world. Enhanced by state-of-the-art lighting, pyrotechnics and sound design, large-scale art installations, theatrical performers and next generation special effects, these events captivate the senses and inspire a unique level of fan interaction. The quality of the experience is the company's top priority.
Throughout its 20-year history, Insomniac has produced more than 250 festivals, concerts and club nights for nearly 4 million attendees in California, Colorado, Florida, Nevada, New York, Texas, Puerto Rico, and the United Kingdom. The company's premier annual event, Electric Daisy Carnival Las Vegas, is the largest multi-day music festival in North America, and attracted 400,000 fans over three days in June 2014.
The company was founded by Pasquale Rotella, and has been based in Los Angeles since it was formed in 1993.
Keep up with Insomniac announcements and news on Insomniac.com, Facebook and Twitter.