Hungarian national airline Malév collapses into insolvency, ceases all flights (updated)
September 2nd, 2010

Peninsula/Félsziget Festival attendance up this year, though loses money

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The Sziget Kulturalis Menedzser Iroda’s annual musical festival in Tirgu Mures, Romania, the Peninsula/Felsziget Festival, drew attendance of 63,000 in 2010, up 5pc from 2009, though ticket revenue covered only an estimated 90pc of the cost of holding the multi-day event this year, Budapest-based media company econet.hu announced on Tuesday.

Listed econet.hu is the whole owner of EST Media Group Asset Management which in turn owns 26pc of Sziget Kulturalis Menedzser Iroda, whose wholly-owned Romania-based company organised the event taking place between August 26 and 29.

econet.hu attributed the Peninsula/Felsziget’s 2010 financial losses to the negative economic environment.

Still, the event’s growing attendance has prompted the Sziget Kulturalis Menedzser Iroda, which also organizes Budapest’s Sziget Festival, to plan such music festivals in other countries, specifically Croatia, in the future, econet.hu said.

econet.hu trades in the A-category at the Budapest Stock Exchange.

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