V Festival makes £1bn for UK economy
THE hugely successful V Festival is helping to contribute towards an estimated £1 billion to UK economy over the last four years according to new figures.
The Association of Independent Festival (AIF), which represents 50 UK independent music festivals, has released data showing the impact of the popular outdoor shows.
Last weekend, around 250,000 revellers braved mud and rain at V Festival to celebrate the rock and pop showcase’s 20th anniversary.
The festival operates on two sites – Weston Park in Staffordshire and Hylands Park in Essex.
The AIF said that on average festivalgoers spent £466 at the venue and in the local area.
The £1 billion figure is what the independent festivals contrib- uted between 2010 and 2014.
AIF general manager Paul Reed said: “Our extensive research clearly shows that the independent music festival sector is thriving and enjoying an extended period of fantastic growth.
“Over the last four years our members’ events have contributed an estimated £1 billion to the UK economy... which has benefited the entire country, particularly local businesses in the areas where these festivals take place.
“To celebrate that success we have launched Festival Fever to highlight the importance of independent music festivals and to illustrate the huge diversity of wonderful events and experiences our members stage throughout the year.”