moogfest2014The Buncombe County Economic Development Commission has released the results of its economic impact study of this year’s Moogfest music festival. This year was the first year that Moog Music Inc., based here in Asheville, took on the festival itself (with the help of a music-booking agency and local PR). Mike Adams, Moog’s CEO, has said the company spent about $3 million to put on the event, and that it would take a hiatus next year and return in 2016.

Here’s the press release:

A recent Economic Impact Analysis of Moogfest 2014 done by the Economic Development Coalition for Asheville-Buncombe County and the Asheville Area Chamber of Commerce shows that the five-day event generated a total economic output of $14M for Buncombe County. The study found that through Moogfest 2014:

• $4.7M additional labor income was generated for residents in Buncombe County

• State and local tax revenues increased by approximately $696K

• Federal tax revenues increased by approximately $996K

• 147 jobs in Buncombe County were supported, and for every job supported directly, another 1.1 jobs were supported indirectly

• Out-of-town visitors stayed an average of 4.6 days and spent an average of $910 per person over the course of their stay

• Total economic output, which includes labor income and tax revenues, increased by approximately $14M

The Economic Impact Study also found that hotels were one of the local industries most positively affected, with a sales increase of $1.7M generated from outside visitors attending Moogfest. To explore this further, The Economic Development Coalition for Asheville-Buncombe County and the Asheville Area Chamber of Commerce produced a year-over-year analysis of Buncombe County hotels that found that throughout the 4-nights of Moogfest:

• The average daily rate increased by 13%

• Revenue per room increased by 25%

• Occupancy increased by 10%

Moogfest 2014 received $90,000 in funding from the county and $40,000 from the city of Asheville, along with another $50,000 in in-kind services. The event injected $696,000 back into the local and state tax base, providing a 287% return on the city and county’s investment.

“This report is a concrete measurement that Moogfest had a strong return on investment for Buncombe County in the short term,” says Moog Music Inc.’s CEO Mike Adams. “Looking at the big picture, it’s been proven that dynamic cultural events help to attract talent to an area, and talent draws new business. If community leaders embrace events like Moogfest, they could play an integral role in energizing our economy in the long term.”

The traditional and social media garnered by Moogfest made it one of the “Top 25 Buzzed about Festivals in 2014,” according to a recent report by Eventbrite. The event generated 1.3 Billion impressions and positive references to Asheville appeared in dozens of international news and culture publications, including the New York Times, TIME Magazine, The Huffington Post, BBC, Newsweek, People Magazine and many others.

Moogfest 2014 took place April 23-27 in 20 venues throughout Asheville. The event featured 100 music performances, 105 speakers, panel discussions and workshops and five days of free daytime programming. Moogfest is a biennial event and will return in 2016.

About Moog Music

Moog Music is the leading producer of analog synthesizers in the world. The company and its customers carry on the legacy of its founder, electronic musical instrument pioneer, Dr. Bob Moog. The company hosts Moogfest, a five-day festival celebrating the intersection of music and technology in honor of Moog’s innovative spirit. All of Moog’s instruments are hand built in its factory on the edge of downtown Asheville, NC.

About Moogfest

Since 2004, Moogfest has been a gathering for the musicians that worked closely with Bob and his instruments. In 2014, Moogfest amplified its vision by becoming a 5-Day event dedicated to the synthesis of technology, art and music. Moogfest honors the inventiveness of Bob Moog and the legacy of the analog synth with an experimental line up of daytime conference programming and landmark nightly performances. Moogfest took place April 23-27th, 2014 in downtown Asheville.

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14 Comments

  1. If this is true, “State and local tax revenues increased by approximately $696K” then it appears the local officials’ gamble paid off. As for the event it appeared to me to be a pretty good one for Asheville.

  2. Former Reporter at WYPN says:

    “This report is a concrete measurement that Moogfest had a strong return on investment for Buncombe County in the short term,” says Moog Music Inc.’s CEO Mike Adams. “Looking at the big picture, it’s been proven that dynamic cultural events help to attract talent to an area, and talent draws new business. If community leaders embrace events like Moogfest, they could play an integral role in energizing our economy in the long term.”

    He forgot to add, “…and help my business out, too.”

  3. Yeah, they’ll be down one ticket next year. I only wanted to go to one seminar. Signed up for it and got an email that it was full. Super lame…

  4. You have a lot of free time on your hands.

    • Ah, yes. The new “get a job” of our age.

      “People who work for a living don’t have time to question corporate press releases, hippy…”

      Moog is banging the drum for a bigger taxpayer subsidy next year, and so we have every right to be skeptical.

      • I have to agree with that sentiment..and I’ll add that I’ve always been skeptical of how “activists” support themselves financially.

  5. Just got off the phone with the EDC. In fact, no – the EDC has not released this study, nor will they. It was commissioned and paid for by Moog, and only they can release it. So until they choose to share the whole thing (including the methodology, etc.) – we only have the selected talking points of their press release to go on.

  6. Why does it matter who released the info? The Buncombe EDC did the study. If I where MOOG, I would release it in a heartbeat. They did a great job, put money in our economy.

    • Sometimes who releases the info matters quite a bit. Just want to read the actual study, not the talking points from Moog, the private company who stands to benefit.

      Crazy, I know. Who needs news, when you have press releases?

  7. It’s helpful to know who this press release is from – it’s from Moog, right?

    Is the actual study being released anywhere?

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