T in the Park is also said to make a “significant” contribution to the image of the country from a tourism perspective through £10.7 million of positive media coverage.

The report also indicates T in the Park has significant potential to grow and contribute even more benefit for Scotland, which could be facilitated through support from public agencies.

Geoff Ellis, chief executive of organisers DF Concerts, said, “Over the last thirteen years, T in the Park has grown into a world class event.

“However, to address the recommendations and to maximise its potential as an important contemporary cultural icon, I would welcome increased involvement from the agencies that can help us to achieve this.”

The report is only the second to be carried out in the event’s history. A study in 1999 showed T in the Park’s worth to the economy was £1.3 million, translated into full-time employment for 26 people.

Despite no public funding, this figure has increased by nearly 600%, while its value is now the equivalent of more than 260 jobs.

Last year was the event’s largest, attracting 69,000 daily visitors.

The report also highlights the value of the festival to tourism showing it plays a significant part in attracting cultural tourists to Scotland.

Nearly a third came from outwith Scotland, and 44% had never visited the area before. Of these people, 94% said they would definitely visit again.

Findings also show T in the Park visitors have a higher average daily spend compared to other visitors to the area.

However, the report suggests there is an opportunity to enhance the festival’s economic impact in the future by encouraging visitors to extend their length of stay.

Councillor Alan Livingstone, convener of the enterprise and infrastructure committee said, “The council recognises events are a vital contributor to the local economy and we look forward to continuing to maximise the tourism, business and media benefits this event brings.”