The Economic Impact of Music Festivals: Cultural Events and Local Commerce

Abstract

This study examines the economic implications of music festivals, focusing on their role as cultural events and their impact on local commerce. Incorporating both quantitative economic data and qualitative insights from stakeholders, the research explores how these festivals contribute to regional economies. The study considers direct economic impacts, such as ticket sales and local spending, as well as indirect effects, including job creation and tourism boost. By analyzing a specific case study of a major music festival, this paper aims to provide a comprehensive understanding of the economic dynamics at play in the intersection of cultural events and local economic development. The findings suggest that music festivals can serve as significant economic catalysts, particularly for small to medium-sized communities, while also highlighting potential challenges and areas for future research.