Sustainable Events Management of Coachella Valley Music and Arts Essay

Sustainable Events Management of Coachella Valley Music and Arts Annual Festival - Essay Example The vision of this particular event is to bring forth different music genres in same platform. Coachella Valley Music and Arts Festival create value through upholding traditional music and organizing live performances from famous artists. It not only takes into consideration value creation for audience but is even inclined towards reducing environmental impact. The main stages which are set up are Coachella Stage, Gobi Tent, Outdoor Theatre, Sahara Tent and Mojave Tent. In 2006 and 2011, a smaller Oasis Dome was introduced and later in 2013 a new Yuma stage was even implemented. The event had initially started with Pearl Jam who performed at the concert and since then many well-known artists like Madonna, Prince, Amy Winehouse, Daft Punk, The Killers, The Strokes, Beastie Boys, Arcade Fire, Beck, etc., had been performing in this event. It is stated as the most profitable and famous event organized in United States. The festival in 2014 had acquired revenue margins of $78.3 million. Triple Bottom Line can be defined as an accounting framework encompassing three major parts like financial, social and environmental. These three factors are also considered to be three P’s such as people, profit and planet. They are even stated as three pillars of sustainability. Triple bottom line concept has been gaining importance in government, for-profit and non-profit sectors. Many firms incorporate triple bottom line framework so as to evaluate their overall performance. The framework has been further highlighted in figure1. The triple bottom line is further development on basic economic model. In which if revenue minus expense is positive then it is profit else loss. There are two more bottom lines added such as social and environmental concerns. Three pillars of sustainability are people, planet and profit. Social environmental and social progress is two components of people aspect. Social progress is closely