Bravo music festival impact estimated at $16.4 million
October 27, 2012
VAIL – The Bravo Vail Valley Music Festival has reported a total direct economic impact of $16,416,655 in Eagle County after the conclusion of its 25th anniversary season this year. This represents an increase of $300,000 more than the 2011 figures and an increase of $3 million since 2010.
In the town of Vail alone, the festival generated an $8,102,025 direct economic impact, a 7 percent ($500,000) increase from comparable 2011 figures.
“The findings from Bravo’s economic impact report are more than impressive,” said Argie Tang, chair of Bravo’s Board of Trustees. “Bravo is currently positioned to continue this upward trend with regard to its positive impact on the economy. We can look forward to a bright future for Bravo.”
Matt Morgan, owner of Sweet Basil restaurant in Vail, said Bravo’s economic impact is significant and quantifiable.
“Bravo nights are predictably some of the busiest of the summer,” Morgan said. “It goes without saying that the demographic of this clientele is every business owners’ dream. The Bravo Music Festival has become one of the most iconic events the town of Vail has to offer. I’ve always said that if you removed Bravo, the void it would leave is hard to imagine. It has truly become synonymous with ‘summer in Vail,’ and is clearly one of the most identifiable signature events that we have.”
The festival hired BBC Research and Consulting from Denver for the second year to estimate the direct economic impact created by the festival on Eagle County. The total economic impact figures include direct local spending by festival attendees and orchestra members and the associated tax revenues generated by these activities. Total spending includes food and beverage purchases, lodging, shopping and other recreational, revenue-generating activities. Spending data was calculated from intercept and online surveys.
Total attendance for the 2012 Bravo season was just short of 60,000 patrons. More than 13,000 people attended “Music Matters” – Bravo’s free music education programs and community engagement concerts.
“The festival has maintained a total attendance of more than 57,000 since 2003,” said Nancy Stevens, Bravo’s ticketing manager.
BBC determined that the total direct spending in Eagle County by Bravo concert-goers and orchestra members was $15,705,476. When combined with tax revenues of $711,179, the total direct economic impact was $16,416,655. Total spending by the visiting orchestra members was more than $1 million, and most of it was spent in the town of Vail.
Indirect and induced impacts were not included, and the economic impact model included conservative estimates of guest and orchestra member spending, according to BBC researchers. Lodging expenditures of those respondents who did not list the festival as a primary reason for their visit to Eagle County were not included.
“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,” according to BBC’s report.
Forty-five percent of respondents indicated that Bravo was the primary reason for their visit to Vail. Full-time, year-round residents account for 21 percent of Bravo audiences, and part-time residents and property owners accounted for 33 percent.
Findings from the Bravo survey indicate that 82 percent of survey respondents had previously attended a Bravo event, and 40 percent of respondents have attended eight or more seasons. Audience satisfaction ratings indicate that 86 percent are likely to return to the Bravo Festival, and 82 percent are highly satisfied with the quality of Bravo events. According to data from BBC’s report, 12,644 rooms were booked in Vail alone due to the festival.
Bravo Vail Valley Music Festival, a six-week summer music festival, brings world-renowned musicians to venues throughout Eagle County each season and draws guests from around the world. Featuring residencies by the New York Philharmonic, The Philadelphia Orchestra and the Dallas Symphony Orchestra, plus a wide array of chamber music performances, the 25th anniversary in 2012 boasted new programs and initiatives, as well as record-breaking earned and contributed revenues.
Bravo celebrates its 26th season June 28 through Aug. 3 under the direction of Anne-Marie McDermott, artistic director, and the new executive director, James W. Palermo. Tickets go on sale in April. To get the full economic report or for more information about the festival, visit http://www.vail
music.org or call 970-827-5700.