Sziget Festival revenue rises but profit stagnates
This year's Sziget Festival, a week-long musical extravaganza on an island in the Danube, generated profit of Ft 50 million on revenue of Ft 2.25 billion, a spokesperson for the event's organizer said in Thursday's issue of daily Népszabadság.
Revenue was up from Ft 1.8 billion the year before, but profit was about the same. The festival attracted 385,000 visitors during the week, about the same as in the previous year.
Asked to explain the festival's relatively low profits after 14 years of operation, Viktória Vető of festival organizer Sziget Kft said the event required more investments as it grew and this year's acts were bigger and more expensive.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.