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Lollapalooza is a major music event. Some are calling it the new Woodstock.

The 2008 Lollapalooza lineup has been announced.

Ray Waddell of Billboard says 

Radiohead, Rage Against The Machine, Nine Inch Nails, Kanye West and Wilco lead the bill for the event, to be held Aug. 1-3 at Chicago's Grant Park.

Music events are big business. Apart from appearance fees, major music festivals and events are important to performers from a business perspective. They are opportunities for branding.

Lollapalooza will also be an opportunity for musicians to attract major media coverage and raise their profiles with fans. Over 120 bands are appearing.

Lesser known bands can leverage the presence of the more famous artists, to get audiences they wouldn't have been able to attract on their own.

And what do you do after you've been to a concert? You're all hyped up in the moment, and you buy CD's, DVD's and branded merchandise.

This makes for an expensive day with the ticket price of over $200 for a 3 day pass. Hopefully, fans will see it as value for money if the event goes off successfully.