This year’s Sundance Film Festival had a total economic impact of $191.6 million, far above the 2017 figure of $151.5 million.
Those stats and more were released recently by the nonprofit Sundance Institute. Y² Analytics conducted the economic impact study and used the methodology and technology introduced last year to give a more holistic picture of the festival’s impact on the state of Utah’s economy than has previously been available.
{mprestriction ids="1,3"}The study indicated that a new venue and an expanded section dedicated to episodic work contributed to 2018’s record economic impact figure. The Ray, a 500-seat venue, allowed for an additional 17,349 seats to be filled during the festival. Also new this year was the Indie Episodic section in the festival program, which featured stories from independent perspectives told over multiple installments.
"Each year, the full extent of the economic benefits of the arts has become more apparent, and we’re very proud of the role Sundance Institute and our festival have played in demonstrating these benefits and bringing them to Utah,” said Betsy Wallace, chief financial officer and managing director of the institute. “We’re grateful for all of the continued support we receive and to be able to showcase all that Utah has to offer to audiences around the world.”
The study also indicates that the 2018 festival had at least 124,900 attendees, up from more than 71,600 reported for 2017; $19 million in state and local tax revenue, up from $14 million; and supported 3,323 jobs, up from the 2017 figure of 2,778. Attendees were from 49 states and 25 foreign countries.
Over the past five years, the festival’s economic impact totals $585.4 million, with more than $55 million in state and local tax revenue generated and more than 10,300 jobs supported.
“More than ever, the people of Utah and our business community appreciate the unique benefits provided by the Sundance Film Festival,” said Gov. Gary Herbert. “We look forward to our ongoing work together and the positive collaboration between Sundance Institute and the state.”
“It is apparent that the Sundance Film Festival continues to have an expanding impact on Utah’s vibrant and diverse economy,” said House Speaker Greg Hughes. “In addition to the obvious economic benefits, our ongoing collaboration with Sundance Institute highlights the exceptional cultural, recreational, tourism and business opportunities available here in Utah.”
Of the nearly 125,000 attendees, about 45,000 were from out of state, up 7,500 from the 2017 total. It also included more than 1,000 visitors from at least 26 nations. Twenty percent of out-of-state attendees indicated it was their first trip to Utah, and 89 percent said they likely would visit the state again during the next year.
Per-person spending for out-of-town visitors averaged $3,518 with a median stay of five days. Lodging alone accounted for $62.6 million in attendee spending. The second-largest expense was in recreation and entertainment, at $49.9 million.
Other statistics of the study show that in the time between the announcement of the film program in late November 2017 through wrap-up articles in early 2018, the festival generated more than 62,000 stories in print, online and on television — 15 percent above the previous year. Publicity value around the festival totaled $93.2 million this year, up $2.3 million over last year and up 11 percent over the festival’s five-year average.
The Institute’s social media and website continue to expand their reach, connecting with new audiences around the world. The festival now has over 2.3 million fans and followers across Facebook, Twitter, Instagram, YouTube and Tumblr. During the festival, there were over 42 million impressions on Facebook, Instagram, Twitter and Snapchat alone. Between Nov. 29 and March 9, the institute’s website had approximately 6 million page views and 1.1 million unique visitors from 187 countries.{/mprestriction}
