Music festivals to contribute £450m to economy this year

Music festivals are expected to deliver a £450m boost to the UK economy this year, according to figures released by PRS for Music.

Music festivals to contribute £450m to economy this year
Music festivals to contribute £450m to economy this year

The rights-collecting organisation is expecting most of 2009's events to be recession-proof, thanks to the weak pound – which it believes is making UK festivals more attractive to foreign revellers – and young audiences, for whom the effects of the downturn are more limited.

The research was focused not just on ticket revenue, but also the wider economic benefits of the increasing demand for accommodation, travel and food.

"A combination of factors is making festivals much more attractive this year," said PRS for Music economist Chris Carey. "We commissioned research to see if festivals were likely to be impacted by the recession, and the overwhelming results were that they would not be. In fact the opposite is true, with most UK major festivals selling out of tickets, and our research showing that most people are intending to spend more this year than they did last."

Despite a few recent casualties of the recession, the number of music festivals in the UK has dramatically increased over the past ten years.

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