Popularity of music festivals stagnating
Music festivals in Hungary seem to be losing audiences and revenues, according to figures released by the organizers of the VOLT Festival, which has just ended, and the Sziget Festival, which is due in August. However, the losses are not yet significant.
The VOLT Festival in Sopron (in western Hungary) attracted 152,000 participants in five days, the organizers announced on Sunday. All tickets were sold out for the concerts of Iron Maiden and Depeche Mode, and also on Saturday, the closing day. In addition, all accommodation was booked in Sopron and in neighboring Austrian villages and cities during the festival, business daily Világgazdaság reported.
However, the figures are contradictory. According to the official press release, this year more day tickets were sold than in previous years, but the number of participants officially communicated was down: 152,000 this year, compared to 160,000 in 2017. Last year, the Linkin Park gig attracted 45,000 music fans, while this year, 40,000 participated at the Iron Maiden concert.
The same company, Sziget Kulturális Menedzser Kft., organizes both VOLT and Sziget. The company registered revenues of HUF 12.54 billion last year, a 2% drop compared to 2016.
The fall in profit was much higher: while in 2016, the company made a profit of HUF 1.5 bln, last year it registered a deficit of HUF 655 million. The loss was due to a one-time write-off of the companyʼs shares in VOLT Event Kft., according to figures published by Marketing & Media Online.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.