Video: Joining “Chicago Tonight” to discuss Lollapalooza’s extension are Selena Fragassi, an entertainment contributor for the Chicago Sun-Times, and Michael Jacobson, president and CEO of the Illinois Hotel & Lodging Association. (Produced by Acacia Hernandez)
On Sunday night, Mayor Lori Lightfoot announced what many already suspected: Lollapalooza will return to Grant Park for another 10 years.
Lollapalooza's founder, Perry Farrell, had previously tipped news of the deal to WGN-TV. City officials and production company C3 Presents confirmed the pact on the final night of the four-day music festival, just as rapper J-Hope prepared to make history as the first South Korean artist to headline a main stage at a U.S. festival.
The new contract will be in place for 2023 and run through 2032, with the potential for a five-year extension of the same terms if mutually agreed to by C3 and the Chicago Park District.
Key points of the agreement, according to city officials, include:
— Chicago Park District receives a share of all C3 revenue streams ranging from 5% to 20%, depending on total festival revenue. Revenue streams include admission, good and services within the festival, licensing sales, sponsorships and streaming.
— Formalized C3's $2.2 million commitment to Chicago Public Schools and additional capital funding for Grant Park tennis court renovation.
— C3 guarantees a minimum payment to the Chicago Park District of $2 million if a four-day festival is held, $1.5 million for a three-day festival, and $750,000 if no festival is held. These are the same terms as the current contract.
— C3 will provide annual reporting on items such as efforts to present local Chicago artists and hire minority and women-owned business subcontractors.
— Daily attendance capped at 115,000.
— Festival to be held the last weekend of July or the first weekend in August of each year during the term. Dates for 2023 have been announced as Aug. 3-6.
According to city officials, Lollapalooza has generated nearly $2 billion for the Chicago economy since 2010, contributing $305.1 million in 2021.
J-Hope performs during day 4 of Lollapalooza at Grant Park on July 31, 2022 in Chicago, Illinois.
— Getty Images Entertainment (@GettyVIP) August 1, 2022
SAVE THE DATE Lollapalooza will return August 3-6, 2023!
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— Lollapalooza (@lollapalooza) August 1, 2022