Lollapalooza will stay at Grant Park for at least another 10 years, Mayor Lori Lightfoot announced Sunday.
The mayor made the announcement onstage to throngs of screaming fans ahead of J-Hope’s headlining performance to close out the weekend, appearing alongside festival founder Perry Farrell.
“I’m here to tell you that Lolla, all the great work, all the fabulous music, will continue for 10 more years,” Lightfoot told the crowd. “That’s 10 more years of music, of arts, of support for the city of Chicago. Four billion dollars in economic impact, 10 more years.”
In a statement, Lightfoot’s office said the new agreement between C3 Presents — the festival’s production company — and the city will be in place for 2023 and run through 2032. There’s also an option to extend the deal for five additional years.
The agreement calls for the Chicago Park to rake in 5% to 20% of revenue, depending on how much the festival makes. The city will make at least $2 million for a four-day festival, $1.5 million for a three-day fest, and $750,000 if it’s canceled.
In 2021, the festival directly generated more than $4 million in taxes for Chicago, officials said. The festival generated $7.8 million in fees for the park district in 2021.
The new deal also caps daily festival attendance at 115,000.
Lightfoot’s announcement — which was tipped by Farrell three days earlier in an interview with WGN — comes less than two weeks after touting an agreement for a series of downtown NASCAR races starting next summer.
Lollapalooza returns August 3-6, 2023.
