The council says it will explore hosting more large music events in the town in the future.
BBC Radio 1’s Big Weekend in Luton generated about £7m worth of economic impact for the town following only half a million pounds of investment.
James Taylor, a Labour councillor for the ward of High Town, explained that the funding for the festival came from a grant of £350,000 and a Luton Rising sponsorship of £150,000. Mr Taylor, who is the portfolio holder for regeneration and inclusive growth, said more than 105,000 visited the town and there was a "huge uptake in hotel trade".
"Once we’ve received the full economic impact report back, we’ll start to explore the opportunities with commercial and event organisers, as we want any event delivered at no cost to the local taxpayer."
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