Party and profit in Reading
Thu 17 June 2010, 11:21 am
Taking place 27-29 August, this year's annual Reading Festival should once again prove to be a massive economic boost for the town.
An economic impact assessment of last year's event suggested that the gross spend associated with the festival was over £31 million, with in excess of £16 million of that being spent in the Reading area.
The Festival Republic report stated that two main components contributed to the expenditure: spending by visitors to the festival and expenditure by Festival Republic in producing the festival.
Melvin Benn, managing director of Festival Republic, said: "Festivals and the live music industry contribute significantly to the British economy and this survey also demonstrates that the local Reading community benefit enormously, which is what I had hoped to see."
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