LOS ANGELES, Dec. 7, 2011 (GLOBE NEWSWIRE) -- According to a new economic impact analysis conducted by Beacon Economics, LLC., Insomniac's annual two-day Nocturnal Wonderland Festival held at the NOS Events Center in San Bernardino in September 2011 generated roughly $11.9 million in economic output in San Bernardino County significantly benefiting residents, hotels and local businesses.
More than 6,000 attendees responded to an online survey about their experience at Nocturnal Wonderland 2011. From this survey, Beacon Economics estimates that 13.5% of attendees were from San Bernardino County, while the other 86.5% traveled to San Bernardino from out-of-town.
"Over the last 15 years Insomniac has been producing events at the NOS Events Center and we wanted to know how our shows are contributing to the local economy," said Pasquale Rotella, CEO of Insomniac. "I was excited to learn that more than 85% of Nocturnal Wonderland's attendees are traveling from other cities in California, Nevada and Arizona and that in just two days fans came to San Bernardino and spent more than $9 million on hotel rooms, food, transportation and retail. It's really impressive."
The study, commissioned by Insomniac, revealed that that the festival stimulated nearly $11.9 million in local economic output including $11.7 million in direct spending and generated roughly $840,000 in state and local tax revenues in San Bernardino County. Additionally, the event provided jobs for the residents of San Bernardino County by creating the equivalent of more than 182 fulltime positions.
"It's great to know that with the four music festivals that Insomniac produces each year at the NOS Event Center, we are supporting the local economy on a regular basis," added Rotella.
When compiling the data, Beacon Economics also studied Insomniac's production costs associated with Nocturnal Wonderland.
"We noted that Insomniac contributes a significant amount of expenditures to the local economy," said Beacon Economics Founding Partner Christopher Thornberg. "In relation to Nocturnal Wonderland 2011, they spent $3.1 million, which includes a variety of expenses, including but not limited to equipment rental, security, transportation, food and drink, and insurance. Given the volume of attendees at Nocturnal Wonderland 2011, and the fact that the vast majority of attendees came from outside San Bernardino, we can conclude this event had a significant economic impact on the San Bernardino County economy."
Nocturnal Wonderland 2011 featured some of the biggest names in electronic dance music, including Kaskade, Avicii, Sebastian Ingrosso, Simon Patterson, Dirtyphonics live, and many others. In total, more than 55,000 fans came from across the United States, as well as from a variety of other countries, to attend the festival.
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Editor's Note:
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About Insomniac Events
Insomniac produces innovative music festivals and events enhanced by state-of-the-art lighting design, large-scale art installations, interactive circus and theatrical performances, and audience participation. Fan safety and the quality of our fans' experience are the company's top priorities. Insomniac's premier annual event, Electric Daisy Carnival, is one of the biggest music festivals in the United States. Insomniac has produced more than 250 music events for more than 2,500,000 concertgoers in California, Nevada, Colorado, Texas, Florida, and Puerto Rico. Founded by Pasquale Rotella, Insomniac has been based in Los Angeles since it started in 1993.
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About Beacon Economics
Beacon Economics, LLC is an independent economic research and consulting firm with offices in Los Angeles and the San Francisco Bay Area. The firm's nationally recognized forecasters were among the first to predict the collapse of the housing market and foretell the onset and depth of the economic downturn that followed. Beacon's core areas of expertise include economic and revenue forecasting, market and industry analysis, economic impact studies, economic policy analysis, and international trade analysis.