Music festivals will generate about £450m for the British economy this year, according to the organisation that collects and pays royalties to musicians, PRS for Music.
The top ten festivals provide half this revenue and Glastonbury, the Carling Weekend and V Festivals provide the 1,2,3 based on ticket sales.
Festivals are seemingly recession-proof, with young people proving more resilient to the impact of the downturn. Ten per cent of festival goers expect to spend more this year than in 2008.
Chief executive at PRS for Music Steve Porter, says: “The popularity of festivals continues to grow, despite the recession. Most of the UK major festivals in 2009 have sold out immediately. The good news is that festivals generate over £450m for the economy at a time when it most needs it.”
PRS estimates that two million people will attend around 150 music festivals this year, spending not only on tickets but accommodation, travel and food.
Glastonbury sold out 140,000 tickets at £175 a pop and the Carling Weekend (previously the Reading and Leeds Festivals) sold out day tickets within 24 hours.
Weston Park, the Staffordshire manor house venue, hosts part of the V Festival, the third-most popular of the summer and tells conference-news.co.uk that sales are strong again this year.