monopoly_money.jpgA report released today on the benefits of the Outside Lands Music and Arts Festival held annually in San Francisco’s Golden Gate Park found that the festival generated more than $60 million last year alone in economic revenue for the city.

The report, authored by San Francisco State University, sought to determine the economic impact of the festival, which has been held in the park the past four years.

It comes as the city’s Board of Supervisors Land Use and Economic Development committee is set to hold a hearing Monday on other impacts of large festivals in Golden Gate Park, such as the increase of traffic and noise.

The SFSU report found that the sales impact of Outside Lands 2011 on San Francisco’s economy was $60.6 million, with another $6.6 million for the rest of the Bay Area.

Data from the report, which surveyed more than 3,500 people who took an online survey about their attendance and spending during the three-day festival, found that nearly 73 percent of attendees lived outside of San Francisco.

The report also found that the economic impact of the festival created the equivalent of 683 full-time jobs in San Francisco.

“When we imagined Outside Lands, we set out to create something unique to fit San Francisco’s character,” Greg Perloff, CEO and founder of Another Planet Entertainment, which runs the event, said in a statement.

“We’re proud of the economic and cultural benefits that this event is having on the community,” Perloff said.

The dates for this year’s festival have not yet been announced. Last year’s lineup included artists such as Phish, Muse, Arcade Fire, The Shins, Erykah Badu, John Fogerty and The Roots.

Dan McMenamin, Bay City News

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