It might not have the same box office potency as in years past, but the U.K.'s Glastonbury Festival is still a serious money-spinner, according to the findings of a new report.

The three-day live music carnival last year generated more than £73 million ($144 million) to the economy, claims a new study commissioned and released today by Mendip District Council, the local authority responsible for the annual Somerset, south west England event.

The survey, conducted by Bristol-based town planning consultants Baker Associates, found that the 177,500 Glastonbury attendees last year spent an average of £293.24 per person ($578).

Spending at the site on organizer Michael Eavis' Worthy Farm was about £25.6 million ($50 million), and off-site spend was roughly £26.5 million ($52 million), for a total of about £52 million ($102 million). Affiliated festivals under the Glastonbury canopy also reaped about £21.2 million ($41 million).

"Glastonbury Festival is such a huge event for Mendip," comments councillor Harvey Siggs, leader of Mendip District Council, in a statement. "This study has revealed valuable information that, until now, has not been identified before. We've always recognized that Glastonbury Festival is an important event for our district and the country, but have never been able to judge just how important it is."

Although Mendip is now singing the praises of Glastonbury, relations between councillors and Eavis' team haven't always been so cheery. The 2001 event was cancelled in light of security concerns brought by excessive numbers of gatecrashers. The council later refused a license for the event, reinstating it only on the grounds that the site would be made more secure, a task which inevitably saw the erection of a multi-million pound perimeter fence to thwart would-be gatecrashers.

In 2007, Mendip District Council renewed Glastonbury's license for four years, raising the legal capacity from 150,000 to 177,500.

The full-house sign has yet to be posted for this year's June 27-29 fest, after tickets went on sale last weekend.