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Who founded Lollapalooza and why?

The music festival Lollapalooza was founded by Perry Farrell, leader of the band Jane’s Addiction, in 1991. Originally conceived as a multicity venue for his band’s farewell tour, the festival proved so successful that it returned in 1992. The festival toured cities across North America annually through 1997. Declining revenue led to its cancellation in 1998. After an unsuccessful revival attempt in 2003, Lollapalooza moved to Chicago in 2005, after which it became an annual festival. It is held in several countries across the world: the United States, Chile, Argentina, Brazil, Germany, France, and India.