Sziget Festival guests expected to spend Ft 6.5 bln this year
Guests at this year's Sziget Festival, a week-long musical extravaganza on an island in the Danube, are expected to spend Ft 6.5 billion, compared to Ft 6.3 billion in 2005, according to a study of the event by consultancy KPMG.
Next year, guests at the festival are expected to spend Ft 7 billion, KPMG said in the report. Of last year's spending, one-third was by foreigners, who accounted for 20% of guests. A little less than a third of foreign guests were from Germany and 20% were from France.
Foreign festival-goers spent an average 6.2 days in Hungary and 94% lodged on the island. The festival attracted 385,000 guests in 2005, compared to just 43,000 in 1993, its first year.
The festival itself generated revenue of Ft 3.27 billion, of which Ft 1.29 billion was paid as taxes. The Sziget Festival was awarded Ft 111 million in state subsidies in 2005, including Ft 100 million in central budget funding. This year, the government is again expected to provide about the same amount, according to Károly Gerendai, the festival's organizer. He added that the festival's budget would grow by just Ft 400 million to Ft 2.25 billion in 2006.
About 60% of the festival's revenue comes from ticket sales, Gerendai said. A further Ft 600 million comes from advertising and Ft 100 million comes from rental fees paid by businesses who set up shop on the island.
This year's Sziget Festival will take place August 9-16.
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