Almost everyone in our world listens to music. Whether its rock, rap, electric dance music, or disco, everyone has listened to music once in his or her life. The music industry is one of the most popular industries in the world. Everyone has there favorite song, artist, and genre or music. People obsess over new artists and buy all the songs that the artists release. One thing people never really look at is what happens after you buy that song. Where does the money go? The music industry isn’t all about who wins best song of the year or where Justin Bieber is doing his next tour. A huge part of the music industry is the economics of it. There is a lot of money in the music industry. One particular genre of music is becoming outrageous from an economic standpoint. Electric Dance Music, or, EDM is a typically new genre of music that is spreading all over the world. One thing that drives the economics of this genre is the crazy festivals that are attended by thousands. The economics of EDM is constantly growing because of its popularity and its highly attended festivals. The production of electric dance music is growing; new festivals are being created and attended by young, crazy teens. Each day new music is being released and creating capital for production agencies. New artist creating new songs, waiting to debut them out these outrageous festivals. EDM festivals are held all over the world. They are most popular in Europe, but growing in the United States. The biggest EDM festival called Tomorrowland is held in Belgium. Having this festival in their country boosts their economy tremendously.
“ If we sum up the various financial flows directly associated with EDM, it becomes clear that EDM is an important economic activity, especially if we also take into account the economic spinoff from such activities. Although the exact size of the economic spinoff effect cannot be effectively determined, it is clear that they are very significant” (Evar, Ch. 16).
Although it doesn’t seem like it, EDM can bring in a lot of money to a city or state if it hosts a dance music festival. Ticket prices are sold at over one hundred dollars and people have accustomed EDM festivals as a hobby. One of the major reasons EDM festivals are good for a city or states economy is that they are usually very big and have thousands of people attend. EDM festivals are held all around the world and these festivals are continuing to help economies all over the world become more stable and well functioning.

There are many positive aspects to hosting an EDM festival. Besides the thousands having the time of their life, these festivals have a huge hand in helping the economy prosper. Electric dance music festivals help the economy in four major ways, and a few minor ways. The first major way is the attendance number; people from all around the world are paying crazy amounts of money to attend these festivals. If each ticket is sold at over one hundred dollars each, and over a thousand people attend the specific festival, that’s a lot of money for the city that the festival is being held in. Ultra Music festival, one of the largest EDM festivals, lasting for 3 days and is held in Miami. Over thousands attend Ultra each year hoping for the time of their lives. Tickets are sold at an astonishing $450 for a 3-day pass, and a VIP pass is $1200. “Ultra will bring in more than $30 million in tickets sales alone, which doesn’t including corporate sponsors, food and drink sales, and merchandise.” (Sutta, pg. 2). Another huge economic positive of having an EDM festival in a city is the creation of jobs; setting up for a festival isn’t an easy task. Production You need vendors, movers, cleaners, and much more. These festivals open up thousands of jobs to unemployed citizens. These job openings help the economy tremendously. The third major positive is the creation of taxes. Taxation on tickets, food, drinks, and merchandise creates an insane amount of money for a city. “What's the quickest way to dump several million dollars into a local economy, create nearly 1,000 jobs, and generate upwards of $10 million in federal, state, and local taxes?” (Gonzalez pg. 1). Victor Gonzalez a news reporter in Miami said this statement in his article regarding ultra music festival. Over all Ultra generate a massive amount of money for the city of Miami. “According to a new study conducted by the Washington Economics Group and commissioned by Ultra Music Festival, the EDM fest's annual economic impact on Miami-Dade County is an astounding $79 million, including $32 in labor income and $50 million in GDP contributions” (Gonzalez pg. 2). Lastly the fourth major way having an EDM festival is beneficial to the economy is majority of artists performing generate millions in charitable donations. Although it does help the economy as much as the other ways, it generates money, which is beneficial to the economy. “"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." (Gonzalez, pg. 3). Overall I think having EDM festivals are tremendously beneficial to the economy.