August 18th, 2009

Sziget Fesitval profits up 50% despite drop in sponsor payments

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Budapest’s Sziget Festival, a week-long musical extravaganza on an island in the Danube, generated estimated profits of more than HUF 150m, some 50pc more than in 2008, in spite of a drop in sponsor fees, econet.hu, which owns 26pc of festival organiser Sziget Kulturalis Menedzser Iroda, said late Monday, a day after the festival ended.

econet.hu noted that the “Music Against Racism” programme series on August 11 was loss-making and would reduce the festival’s overall profits slightly.

Attendance at the festival reached 390,000, a new record.

All of the summer music festivals Sziget organises — T-Home Gyerek Sziget, Volt Fesztival, Balaton Sound, Felsziget Fesztival, Zene a Rasszizmus ellen and Sziget Fesztival — generated combined profits of HUF 350m-400m. The Volt and Balaton Sound festivals accounted for about half of profits.

econet.hu sees Sziget’s EBITDA rising to HUF 800m by 2013, the year it will close the acquisition of a combined 75pc of the festival organiser.

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