A new study carried out for the Electric Picnic has revealed that the festival is worth millions of euro to Laois and has also boosted the image of the county among thousands of young people from all around Ireland.
Festival Republic, the company behind Electric Picnic has commissioned an Economic Impact Assessment for 2016. The survey was carried out by Pallavi Arora, MA (UCD, Ireland) MBA (IIT, India). The aim of the study was to improve understanding of the impact of the festival on a local and a national level.
The net economic worth of the festival in the Stradbally area equates to €16 million of activity (includes on site at Stradbally Hall and the village of Stradbally). Approximately 25% of this gross spend or €4 million was in Stradbally village and 75% of the gross spend was on the festival site.
In Laois and surrounding area, excluding Stradbally, the economic impact was found to be over €4 million, while the Leinster region amounted to over €25 million. The total net economic impact of the festival was around €36 million.
The two main components contributing to the expenditure profile were: spending by people at the festival and expenditure by Festival Republic in producing the festival. Data shows an estimate of €11 million gross expenditure on site by the visitors and €15 million off site, totalling €26 million.
In addition the company spent €10 million on Suppliers and Contractors as well as the payroll staff, giving a direct spend of €36 million. As part of giving back to the community of Stradbally, Festival Republic also donated €65,000 to St Colman’s National School which enabled the school to purchase a sports pitch which will be used by generations to come.
Gross expenditure by festival goers amounted to €14 million. The information has been estimated from a sample survey *of 1,242 visitors to the 2016 event.
Melvin Benn, Managing Director of Festival Republic said ‘Festivals and the live music industry contribute significantly to the economy. This survey demonstrates the local Laois economy benefits enormously, which is what I hoped to see’.
*The demographic profile revealed that approx. 25% in the group aged 41-65. Half of the festival visitors surveyed (approx 50%) were in the age of 25-40.
Of the those who attended, 99% of visitors declared their visit to Stradbally was to attend the Electric Picnic. 5% came from outside Ireland. A positive for local tourism was the 60% said they would return. Some 70% said that it positively changed their perception of Stradbally/Laois.
The initial line up for this year's festival will be announced this Thursday when another tranche of tickets go on sale. This year's festival runs from September 1-3.