INDIO, California (CelebrityAccess MediaWire) — Promoter Goldenvoice has singed an agreement with the town of Indio, California that will provide a home for the immensely popular Coachella and Stagecoach festivals through at least 2030.
According to the Los Angeles Times, Indio's City Council voted 4 to 0 in favor of Goldenvoice's proposal with Mayor Elaine Holmes abstaining as she has a conflict of interest due to property ownership.
Goldenvoice has agreed to increase the per-ticket revenue that it shares with Indio from $2.33 this year to $5.01, starting in 2014.
The agreement also lays the groundwork for a possible expansion in the number of festivals that Goldenvoice stages at the site three per year to five, with the two possible additional festivals being staged in the fall, though at present, Goldenvoice has not announced plans for such an event.
“Our tourist season begins in October and ends in April, so to begin with two festivals and end with three more would book-end nicely,” Dan Martinez, Indio city manager told The L.A. Times. “It has huge support on a city level. It really impacts our community greatly. Many people would like to see the number of festivals expand.”
The new agreement is a marked turnaround from last fall when Goldenvoice and the city council appeared to be in disagreement about the future of the festival. In July, 2012, Goldenvoice president Paul Tollett told the Palm Springs newspaper The Desert Sun that Coachella would be moving in 2014 after Indio officials attempted to add a $18 dollar ticket tax.
Last year, the two Coachellas grossed more than $47 million, according to Billboard Boxscore, the highest box office for a festival. An analysis by Development Management Group found that the festivals brought $89.21 million in revenue to the city of Indio in 2012. – CelebrityAccess Staff Writers