Well we do know Wall Street ballers like to have fun too.
“If you’re not aware of the explosive growth in the category or are not yet buying it, Wall Street might be able to convince you otherwise”
We’ve all watched it happen – electronic dance music has blown up in the past few years, and the rest of the world is noticing too, especially the financial sector. Forbes Magazine, the leading magazine for business and financial news, recently published an article outlining what EDM is to their target market (READ: investors) and they give us some pretty huge numbers.
Using data from TiqIQ, Forbes is reporting that with Ultra Music Festival just about a week out, secondary tickets are apparently going for $697, which is $200 more than the original ticket price, a price that was already a 30% increase from last year. If the remaining tickets for Ultra sell and they match their attendance of 330,000, they will make $132 million in revenue.
Forbes is also reporting that the economic impact of the festival was $79 million, meaning ultimately Ultra is responsible for generating $200 million in just three days. However, what effect Miami Music Week has on the economy is still unclear – though, maybe the author of this original article isn’t aware of MMW since it isn’t mentioned. We’re wonder, are these numbers related to MMW profits as well or solely Ultra? As the money pours in, someone will surely investigate.
Also, if you’ve seen our post earlier this week about elbow room at festivals, even if you haven’t been, you know that you don’t have too much room at Ultra. That’s probably because since 2005 they’ve seen a 750% increase in attendance, according to Forbes.
Comparatively, Forbes’ reports cite Insomniac’s data – Electric Daisy Carnival in Las Vegas draws about 345,000 people over its three days and generates $278 million in revenue.
Getting to the part where Forbes’ readers perhaps care about most: they report how SFX, the biggest promoter in the “EDM category” (you guys, we have our own category!!), went public last year and has a market cap of $724 million, and at their current valuation, they’ve ONLY captured just 16% of the overall EDM market.
And with that, Forbes suggests that perhaps EDM is something that their readers should “buy into” even if they’re not planning on going to any festivals.
Read the original article here
Share On
