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"The Business of Festivals"
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From the mud of Glastonbury to the blockbusting headliners of Coachella,
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music festivals have become big business.
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Annually, there are around 800 festivals in the US alone.
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It's an industry worth nearly $10 billion,
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attracting 32 million revellers annually,
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half of whom are millennials.
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Tickets average 200 pounds per head in the UK, but over the past 10 years,
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ticket prices have risen way above the rate of inflation.
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More than $1.5 billion was spent by companies sponsoring events in 2014.
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The live music industry is booming as traditional record sales flounder.
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Artists can command up to 90% of gross ticket receipts,
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but bag only 10% of the net profit from recorded music.
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Musicians can charge big bucks.
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Acts such as The Flaming Lips and Damian Marley
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can earn up to a reported 90,000 pounds for a performance.
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Whereas bigger names such as Justin Bieber or Madonna
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can charge up to a cool million.