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Coachella was born because Pearl Jam boycotted Ticketmaster in 1993.
They played a concert at the Empire Polo Club in Indio to prove you could put on a show without the monopoly. That concert proved the desert site could handle a massive crowd. Paul Tollett and Rick Van Santen of Goldenvoice took note, and launched Coachella at the same venue in October 1999. Tickets were $50 a day.
It nearly destroyed the company. Goldenvoice lost $850,000 on the first festival. Headliners like Rage Against the Machine and Beck agreed to defer their pay so the company could survive.
By 2001, Tollett was so broke he sold Goldenvoice to AEG for $7 million. AEG. The company that owns Crypto.com Arena, The O2, and operates as the other half of the concert industry duopoly alongside Live Nation/Ticketmaster.
The anti-Ticketmaster festival sold itself to the Ticketmaster economy for $7 million.
Today Coachella generates roughly $160 million in ticket revenue alone. American Express pays $5 million a year just for branding. Dorsia sells main-stage suites starting at $70,000 per weekend. Villas near the grounds rent for $150,000.
Justin Bieber is making $10 million for two Saturday night sets. In 1999, the headliners agreed to get paid later because the festival couldn't afford them at all.
Tollett sold for $7 million. The festival now grosses that in about 11 hours of ticket sales.
Pearl Jam boycotted the machine. And accidentally built the venue for one.
Joey B Toonz@joeybtoonz
Fun fact: Coachella Valley Music and Arts Festival started in 1999 to push back against high ticket prices. Now it’s $649 to get in, $20 for a beer, $17 for coffee and $150 for a caviar burger. Mission accomplished.
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