Desert Trip — a new California music festival from Coachella organizer Goldenvoice — is being called the classic rock concert of the century because of the rock legends performing at the two-week extravaganza.
Less remarked upon, however, is the massive economic Coachella Valley gets from the happening.
Over the course of the next two weekends, an estimated 150,000 visitors will Travel to the region, spending nearly half a billion dollars once the final curtain falls.
Dubbed “Oldchella” because it’s aimed at an older audience than Coachella’s younger crowd, the festival features performances from acts including Bob Dylan, Paul McCartney, the Rolling Stones, Neil Young and The Who. The event at the Empire Polo Club in Indio sold out in just five hours after organizers added a second weekend of shows due to “overwhelming demand.” The total box office gross is projected to be around $150 million, with tickets ranging from $199 to $1,599.
Yet according to at least one analysis, the overall boon could far outpace the impact of ticket sales in a region that saw a record $5 billion in tourist spending last year, according to Greater Palm Springs Convention and Visitors Bureau data.
Source : CNBC