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Park City — Sundance Institute has announced that the 2014 Sundance Film Festival, which took place in Park City, Salt Lake City, Ogden and Sundance in January, generated an overall economic impact of $86.4 million for the state, according to the independent annual economic and demographic study conducted by the University of Utah’s Bureau of Economic and Business Research at the David Eccles School of Business (BEBR).
The Economic Report, posted in full on the Sundance Institute website, also found that the 2014 festival supported more than 1,434 jobs, generated more than $65.1 million in international media exposure, provided nearly $6.9 million in tax revenue and was attended by more than 45,300 people. At least 69 percent of festival attendees traveled from outside of Utah, including more than 3,500 visitors from 29 international locations, and more than 36 percent of tourist attendees indicated that they intend to visit Utah again during the next year.
Over the last five years the Sundance Film Festival has brought Utah more than $369.8 million dollars in economic activity, $31.1 million dollars in tax revenue, more than 7,500 jobs and more than 225,048 festival attendees. Over the last 10 years, the festival has generated in excess of $500 million in economic activity for Utah. It is the state’s largest annual international event, bolstering tourism and attracting worldwide media attention.
“Over the last 30 years, our primary goal with the Sundance Film Festival is to provide a platform for audiences to connect with independent filmmakers and their work," said Laurie Hopkins co-managing director of Sundance Institute. "Through the research conducted by the University of Utah, we are able to see the tremendous financial impact our event has also had on the Utah economy, particularly the small businesses and local vendors who help put on the festival.”
More than 14,000 Utah residents participated in special community screenings and events as part of this year’s Festival. The annual Salt Lake Gala and world premiere screening of the documentary MITT by director Greg Whiteley was attended by Gov. Herbert, former Massachusetts Gov. Mitt Romney and his family, Utah legislators and community leaders.
Building Audiences at Home and Abroad
Between the announcement of the film program in December 2013 through wrap-up articles in February 2014, Sundance Institute generated more than 48,100 print and online articles and more than 1,600 television pieces about the Festival. In total, publicity value from the Festival totaled more than $65.1 million. Over 940 registered press from 30 countries attended the Festival, including Argentina, Australia, Belgium, Brazil, China, Czech Republic, Denmark, France, Hungary, Italy, Indonesia, Japan, Mexico, Norway, Poland, Romania, Russia, Scotland, Serbia, Singapore, South Korea, Spain and Sweden.
Economic Report Methodology
The Economic Report findings were generated using an economic impact model known as RIMS II, developed by the U.S. Department of Commerce's Bureau of Economic Analysis. The economic impact study measures the impact of the Sundance Film Festival on jobs, wages, and value-added (or gross state product) on the state of Utah during a 10-day period in January 2014. It also provides an estimate of the fiscal impacts that result from the increased economic activity generated by the festival during the study period. Fiscal impacts refer to the effects of the festival on state and local tax collections.