ULTRA MUSIC FESTIVAL CREATES $79 MILLION BONUS TO MIAMI-DADE ACCORDING TO NEW ECONOMIC IMPACT REPORT
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An independent study on Economic Impact performed by the prestigious Washington Economics Group Inc. (WEG) illustrates that Ultra Music Festival has contributed $79 million/year to the economy of Miami-Dade County. Ultra Music Festival, which began in Miami 15 years ago, has become a worldwide brand and is one of the biggest Festivals in the country.
“We always knew from the huge crowds that we draw that we had a major impact on our local economy, but we did not realize it was this huge,” states Russell Faibisch,” Creator and Executive Director of the Festival. “Last year people in all 50 states and more than 75 countries bought tickets to attend.”
In arriving at their results, the Washington Economic Group, Inc. employed the professionally accepted and widely used IMPLAN Model, which is based on input-output methodology and explicitly considers the inter-industry linkages that exist within an economy. To this end, WEG was able to conclude, among other things that
“[t]he quantifiable economic impacts of the Ultra Music Festival on Miami-Dade County include the support of hundreds of jobs and significant contributions to Labor Income, Gross Domestic Product (GDP) and fiscal revenues. This study estimates that the Ultra Music Festival supports 915 jobs annually in Miami-Dade County with an economic impact of $79 million each year.”
The study further illustrates that:
“The Ultra Music Festival’s yearly presence is a positive force and a key addition as it builds on Miami-Dade County’s global brand as a top entertainment and leisure destination for both domestic and international visitors. As such, the overall economic development value of the Ultra Music Festival goes beyond the quantification of its important economic impacts.”
Last year, Ultra Music Festival was virtually a three-day advertisement for the beauty and excitement of Miami-Dade County. With live streaming video that was seen by more than 2 million people worldwide, Ultra Music Festival showcased many of the top music entertainment acts in the world performing in the bucolic urban setting of Bayfront Park with Miami’s skyline and picturesque Biscayne Bay as the backdrop. Among the highlights of the Festival was a surprise guest appearance by music superstar, Madonna.
“We are working on plans for 2013, our 15th Anniversary Edition, that will bring additional positive growth for the Festival and Miami-Dade County,” says Faibisch. “We see ourselves as partners in the economic prosperity for Miami-Dade County and hope to continue and expand our contribution to the magic that makes our area unique.”
For more information or to receive a copy of the Washington Economics Group, Inc. study please contact Woody Graber, Woody Graber & Associates, (305) 606-2979 or woodygraber@hotmail.com.
