In recent years, Chicago became home to some high-profile music festivals. One obvious benefit for music lovers is exposure to a wide variety of bands in the space of a few days. But beyond the cultural cache, music reporter Althea Legaspi looked at whether festivals benefit the local economy.

Lollapalooza begins Aug. 5 in Grant Park. For more on Lollapalooza's relationship with the city, check out Sound Opinions co-host and music blogger Jim DeRogatis' blog Pop N Stuff.