J. Cole’s Dreamville Festival generates $145 million for the local economy

J. Cole is not just a blessing in relation to the microphone – his annual music festival is bringing in revenue for the city of Raleigh during one in all the most troubling financial times in the country.

The 2023 Dreamville Festival Economic Impact Report was released ahead of the 2024 edition, with a complete economic impact of $145.9 million, solidifying its position not only as the premier artist-led festival in the world, but additionally as one in all the most significant economic aspects in North Carolina.

What exactly does this mean? Dreamville creates jobs, increases tax revenues and generates business for hoteliers and local businesses.

Last yr, the event generated the equivalent of greater than 1,300 full-time jobs over two days at Dorothea Dix Park in Raleigh. This comprehensive figure covers not only festival activities but additionally visitor and resident spending, reflecting the wider impact on the local economy. Notably, economic growth was most pronounced in sectors akin to accommodation ($20.5 million), food and beverage ($18.7 million), and ground transportation ($9.8 million).

As the festival ended yesterday, the 2024 impact report is bound to exceed all expectations. “The Dreamville Festival attracts guests from around the world who bring a lot of excitement and energy to Raleigh. While we are sad to see the festival come to an end and the artists and crowds leave, their celebration has a positive and lasting impact on our city,” said Evan Raleigh, Raleigh’s deputy city manager.

This is reflected in the 100,000 festival-goers who travel from all 50 U.S. states and 23 countries on 4 continents to listen to performances by hip hop and R&B’s most influential artists. This yr, J. Cole, Nicki Minaj, SZA, 50 Cent, JID, Lil Yatchy, ScHoolboy Q, Sexyy Redd, Jeremih, Teezo Touchdown, EarthGang and more took the stage during the two-day event.

“Our team couldn’t be prouder to watch Dreamville Festival grow into what it has become today, although none of this success would be possible without the incredible support of our community. Thank you to Raleigh, Wake County, North Carolina, and of course to our Dreamville fans around the world,” said Dreamville co-founder and festival president Adam Roy.

Loren Gold, executive vice chairman of Visit Raleigh, agrees: “Dreamville continues to be a major driver of direct guest economic impact for our hotels, restaurants and retail stores throughout Wake County. There are high expectations that in 2024, at least 80% of tickets for the two-day festival will continue to come from guests from all (50) U.S. states and (over 20) international countries. A truly global event for Raleigh!”

Dreamville attendees also had the opportunity to go to greater than 50 restaurants, food trucks, chefs and other food vendors on-site during this yr’s music festival weekend. This extensive menu offered attendees a various number of snacks from popular culinary hotspots each in Raleigh and across the country.