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Since the 1990s, Silver Lake has become the center of the alternative and indie rock scene in Los Angeles. The neighborhood was home to two major street festivals each year: the Silver Lake Jubilee,[25] held in May and the Sunset Junction Street Fair, held in August. The last festival was held in 2010. It was abruptly cancelled in 2011 just days before it was supposed to take place after years of neighborhood controversy.[26] The Silver Lake Jubilee, a more recent addition, featured live music by local musicians, local artists and community businesses. It moved out of the neighborhood to private grounds near the Los Angeles River and changed its name as of 2013.[27]

Since the indie rock music scene is particularly prominent in this neighborhood, comparisons are often drawn between Silver Lake and New York City's Williamsburg district. As a result, it is sometimes referred to as the "Williamsburg of the West".[28][29]