Dave's Leicester Comedy Festival bosses say this year's event has been the most successful in its 20 year history.
The 2013 festival saw 89,000 people attend gigs, shows, and exhibitions over the 17 days it was held in February - some 14,000 more than the year before.
Researchers at De Montfort University have carried out the first study since 2011 into the financial benefits the festival brings to the city.
Then they said it was worth £2 million to the local economy but now they say the figure has increased to £3 million.
The success was built on star-turns from comics including Al Murray, Alan Davies, Dave Spikey, Russell Kane, Jenny Éclair and Johnny Vegas.
Comedy festival director and founder Geoff Rowe, said "The 2013 festival was incredible and there were so many highlights from a record breaking year.
"Whether it was The Times newspaper saying we were one of the top 100 events to take place this year, or the appearances by Johnny Vegas, Al Murray or Russell Howard, or the photographic exhibition at Leicester train station – it was an amazing 17 days.
"We continue to make a significant contribution to Leicester and the UK comedy scene, and are really looking forward to our 21st birthday in 2014."
The DMU research - based on surveys of 500 audience members - suggests that the amount of money spent by each punter in 2013 has grown over two years.
The spend per audience member was £110 each during the festival - an increase from £76 in 2011.
This led to a total of £1.7 million being spent directly on the festival, compared to £1.1 million in 2011.
A formula has been used to work out the estimated additional spend on hotels, bars, restaurants taxies, baby-sitters and other costs, leading festival organisers estimate the total economic impact has grown to over £3 million.
The Ramada Encore hotel in Charles Street was a sponsor of the festival and general manager Henrik Jesperson said: "We were very honoured to be the official accommodation partner for the festival and would very much like to be a part of it again next year.
"It was a refreshing change to see the hotel branded as such and did create interest among our guests and staff .
"We did see a marked increase in occupancy when compared to last year, up 13 per cent for the same period."
Deputy city mayor councillor Rory Palmer said the festival was a major boost to both the city's reputation and its economy.
He said: "It's never an easy thing to keep raising the bar with a festival like this but that is what happens.
"The organisers have managed to keep a loyal support while attracting fresh interest every year.
"In terms of festivals this is Champions' League - even Champions' League winning and great credit must go to Geoff and his team
Comedian Rich Fulcher, known for his appearances as part of The Mighty Boosh, said: "Dave's Comedy Festival is a must for any comic.
"The audiences are great and the hospitality is unbeatable." Comedian Paul Currie, who was nominated for Best Show at the festival said "It is an amazing, efficient festival that is clearly for all the people of Leicester and offers many different styles of comedy entertainment to the many varied tastes in the city.
"I've never seen or been part of an international festival that felt so local and cosy and warm and welcoming."
Next year's Dave's Leicester Comedy will take place from February 7 to February 23.
The 2013 Dave's Leicester Comedy Festival - Some facts and figures.
This year's festival featured over 522 events, across 17 days, with 61 performances selling out.
The average ticket price was £6.18 compared with £7.06 in 2012, and 1,000 people performed on stages across the city and county.
De Montfort Hall was the biggest venue to take part in the festival, welcoming 14,000 people to shows.
Hotel Maiyango, in St Nicholas's Circle was the smallest venue, welcoming just 80 people to performances which took place in rooms at the boutique hotel.
More than 124,000 people watched festival clips via its You Tube channel and visitors to the festival's website grew by 24 per cent.
