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Sziget Festival seeks to expand domestic profile, stage music festivals abroad

Sziget Kft, which organizes Hungary's annual Sziget Festival, is seeking to stage music festivals in neighboring countries as well and to expand its activity in Hungary to include organization of thematic festivals, the business daily Világgazdaság reported, citing Sziget Kft managing director Károly Gerendai.

Gerendai told the newspaper that Sziget Kft plans to hold Adria Sound and Istria Sound music festivals on the Adriatic coast of Croatia in August 2011 with a budget of €2 million, noting that talks with the owner of the property on which the festivals might take place have reached the contractual stage. Gerendai said that Sziget is considering subsequent expansion of its music-festival operations to Slovakia and the Czech Republic in 2012-2013 and thereafter to Bulgaria. Sziget Kft already organizes the Felsziget music festival in Romania as well as the Volt and Balaton music festivals in Hungary in addition to the Sziget Fesztival.

Gerendai told the newspaper that the domestic music-festival market is saturated, thus Sziget Kft is investigating the possibility of holding thematic, notably gastronomic, festivals in Hungary.

Sziget Kft, whose majority owner is the 100% econet.hu-owned EST Media Group, expects to generate turnover of HUF 4.5 billion in 2010, compared to HUF 4.27 billion in 2009, Gerendai said. (MTI – Econews)