Who Says Classical Music Doesn't Make an Economic Impact to the Local Economy?
The Bravo! Vail Valley Music Festival Reports a $16.1M Dollar Direct Economic Impact in Eagle County
Annual attendance at Bravo! Concerts and Events in 2011 was 59,212
The Bravo! Vail Valley Music Festival reports a total direct economic impact of $16,102,427 on Eagle County after the conclusion of its 2011 season, an increase of nearly 3 million dollars from the Festival’s economic impact on Eagle County in 2010. In the Town of Vail alone, the Festival had a $7,615,119 direct economic impact.
Bravo hired BBC Research and Consulting to estimate the direct economic impact created by the 2011 Bravo Festival on Eagle County. This is the first year the Festival hired a professional firm to calculate its economic impact, said Julie Johannes, Bravo’s CFO. BBC determined that the total direct spending of Bravo concert-goers and orchestra members was $15,406,419. Tax revenue was $696,008 resulting in a total direct economic impact of $16,102,427. Total orchestra spending was more than 1 million and most of it was spent in the Town of Vail. The total economic impact includes the direct local spending by Festival attendees and orchestra members and the associated tax revenue. Total spending included purchases on food and beverage, lodging, shopping and activities. Spending data was calculated from intercept and online surveys.
Indirect and induced impacts were not included and the economic impact model includes conservative estimates of guest and orchestra member spending, according to BBC researchers. Lodging and shopping expenditures of those respondents who did not list Bravo as a primary reason for their visit to Eagle County were not included. According to BBC’s report, “Bravo provides substantial direct benefit to the local community through audience and orchestra member spending and generates tax revenue for the town, county and state.”
The total attendance for Bravo’s 2011 season was 59,212. Nearly 9,000 attended Music Matters--the Festival’s music education programs and free community concerts.