AngelouEconomics began assessing the economic contributions of the Lollapalooza Music Festival to Chicago in 2010. The festival spans over four days and remains a significant event for locals, domestic travelers, and international voyagers alike. Popular acts in 2019 included Ariana Grande, The Strokes, Twenty One Pilots, Flume, Kasey Musgraves, and more.
Since 2010, Lollapalooza has created or sustained 16,790 jobs and has resulted in over $1.692 billion in total economic impact. In 2019 alone, there were 2,494 jobs created (compared to 965 in 2010) and $247 million in economic output (opposed to $85 million in 2010, respectively). The top sectors for jobs created were food and beverage (713 jobs), retail (356 jobs), and hotels (181 jobs). Similarly, the largest sectors by economic output were food and beverage ($43.9. million), hotels ($31.8 million), and real estate ($12.4 million).
Photo Source: Jacyln Rivas
In addition to the economic benefits Lollapalooza brings locally, it also strives to be a leader philanthropically and environmentally. Lolla Cares, a program that brings forward vital organizations from around the world, allows participants the opportunity to register to vote, save a life, or become more conscious over certain issues. There were 20 organizations that participated in 2019. Notable highlights include:
- Headcount registering more than 400 people to vote
- LHSF adding 1,117 people to the Bone Marrow Registry
- Hope for the Day adding 220 volunteers to their program list
- Oxfam gaining 3,025 signatures for their petitions
Economic contributions to Chicago continue to be unprecedented as Lollapalooza’s growth heightens. The philanthropic efforts as a result of the festival assists in setting C3 Presents, Lollapalooza, and the remainder of its festivals apart from others. Together, Lollapalooza remains an imperative local event to Chicago and Cook County.
AngelouEconomics has worked with numerous professional and business associations in building dozens of unique economic impact studies, as well as site selection projects and strategic economic development projects. Some projects have examined the effects of statewide policy measures, such as the Texas Bathroom Bill or ban on Sanctuary Cities. Other projects have measured the contribution of member networks in terms of jobs, wages, and total economic output. Like this study for Prospera, a nonprofit organization which specializes in providing bilingual assistance to Hispanic entrepreneurs in Florida. Economic impact studies are effective tools for quantifying and illustrating the value of individual professional and business associations.
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