Sziget Kft, organizer of the one-week music festival on Budapest’s Óbuda Island each August, plans to spend Ft 2.2 billion forint on the event this year, the highest amount in 14 years, business daily Világgazdaság reported.
The company expects to finance 60% of costs from ticket sales and 30% from sponsors, Sziget Managing Director Gábor Takács said.
Brewery Dreher Sörgyárak Rt and mobile phone company Pannon Zrt will pay 45% of sponsorship revenue. This year's festival, featuring bands such as Radiohead, Ministry and Franz Ferdinand, will break even if the number of visitors exceeds 385,000, Takács said. The event posted a profit of Ft 65 million and drew 385,000 people last year.
Sziget, which started out as a student gathering in 1993, has grown into one of the largest cultural events in Eastern Europe over the years.