Ultra Fest Generates $79 Million Annually for Miami Economy: Can EDM Save the Country?

RussellFaibischMiamiPeopleIssue2011.jpg
Ultra honcho Russell Faibisch.
What's the quickest way to dump several million dollars into a local economy, create nearly 1,000 jobs, and generate upwards of $10 million in federal, state, and local taxes?

Simple, gather a bunch of electronic dance music artists and drop them in the middle of Downtown Miami, then add 165,000 screaming fans and watch it rain $100 bills.

According to a new study conducted by the Washington Economics Group and commissioned by Ultra Music Festival, the EDM fest's annual economic impact on Miami-Dade County is an astounding $79 million, including $32 in labor income and $50 million in GDP contributions.

See also:
-Ultra Music Festival 2013 Dates Announced
-Ultra Music Festival's Russell Faibisch on UMF TV Launch: "This Is Just the Beginning!"
-Top Ten Dance Moves at Ultra Music Festival 2012 in Animated GIF!




"We always knew from the huge crowds that we draw that we had a major impact on our local economy, but we did not realize it was this huge," UMF creator and executive director Russell Faibisch said in a statement. "Last year people in all 50 states and more than 75 countries bought tickets to attend."

Of the estimated 165,000 annual attendees, WEG reports that nearly 60 percent come from outside of Miami-Dade, spending an average of about $262 a day on lodging, food, transportation, and shopping for stuff like Vick's inhalers, pacifiers, and furry boots.

Faibisch says, "We see ourselves as partners in the economic prosperity for Miami-Dade County and hope to continue and expand our contribution to the magic that makes our area unique."

Who knows, maybe the presidential candidates will apply Faibisch's fiscal policies and free the country from our current economic woes.

EDM's not just good for the club, bro. It's epic for the economy.

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12 comments
CaraDaley
CaraDaley

@KateDessa @crossfade_sfl one pacifier at a time...

FlyingTooLow
FlyingTooLow

Legalize marijuana...

And read:  Shoulda Robbed a Bank

Greg Johnston
Greg Johnston

Coachella has top 40 artist headline every year....

Greg Johnston
Greg Johnston

How about PUBLIC TRANSPORTATION.. Move the people.... move the money.

rikster043
rikster043

so what a couple of trees get molested... its good for the economy... lmfao

Yualys Artiles
Yualys Artiles

Si!!! Mas musica...mas, mas... Bajofondo 8pm tonight at Grand Central, start with that!

Dave Betamax
Dave Betamax

And the new Marlins stadium continues to generate NOTHING for the city...

Ezekiel Angulo
Ezekiel Angulo

Keyword: MUSIC. Bring down something other than TOP40 artists or dj's. Take a look at Coachella, Bonnaroo, Lollapalooza...Have every color of the musical rainbow so that all types of people and cultures will want to go. Miami lacks a festival of substance and art. All we ever get is shallow, hot at the moment, big name corp gigs.

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