Goldenvoice, the promoter behind both Coachella and Stagecoach festivals, reached an agreement with the city of Indio, CA that will keep the two festivals at their current home through 2030, according to the LA Times. The Indio city council voted 4-0 in favor of the restructured deal (and why the hell wont they).
The main tenet of the agreement will more than ...
double the amount per ticket that Goldenvoice -- which is part of AEG Live -- will share with the city, moving from $2.33 to $5.01 beginning in 2014. This year's Coachella festival will be held the weekends of April 12 and April 19 with the country-tinged Stagecoach the following weekend of April 26. Blur, the Stone Roses, Phoenix and Red Hot Chili Peppers are set to headline.
The deal will also allow Goldenvoice the freedom to stage two additional events in the fall, with capacities set at 75,000 and 99,000 fans -- though the company has not revealed any plans for more festivals -- and expand Coachella's capacity to 99,000 and Stagecoach to 75,000 next year. Last year's Coachella, the first time the festival was held over two weekends, grossed more than $47 million, with attendance of 158,387 for the two weekends combined, according to Billboard Boxscore. Stagecoach saw attendance of 55,772 for each of its three days, grossing more than $13 million.
With the festival staying in Indio, the city will benefit from the additional tourism and revenue boosts provided by the influx of out of towners each spring. Goldenvoice had threatened to look elsewhere for locations to stage their festivals after an Indio lawmaker had proposed an amusement tax last summer, but the councilman, Sam Torres, backed down from the proposal soon after. The tax would have added a 5-10 percent additional charge on top of every ticket sold for events hosting more than 2,500 people, which would have placed an approximately $36 fee on top of the $349 ticket price for the 2012 event. Goldenvoice president Paul Tollett said at the time that he would not pass that tax on to ticket buyers, which would have forced the company to eat between $4-6 million in revenue.
"The potential for the music festivals to move out of the city exists, and if this should occur it would negatively impact the region," Torres said in a statement posted on the city of Indio's website on July 5, 2012. "I cannot in good conscience allow this to happen no matter how dire the city's circumstances." Everyone wins
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