Business Daily
Making money out of music festivals
Jun 28, 2019
Exploring the challenges and profitability of music festivals with experts Chris Cooke and Paul Reed. Topics include growth in the industry, financial planning, weather uncertainties, waste management, and the impact of exclusivity clauses on independent festival organizers.
17:27
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Quick takeaways
- Financial risks at music festivals can be mitigated through contingency planning and cost control.
- Music festivals contribute to the economy and music industry growth, requiring effective financial management for long-term success.
Deep dives
Glastonbury Music Festival: Business Operations and Challenges
Music festivals like Glastonbury face financial risks due to unpredictable elements like weather. Lack of preparation for adverse weather conditions can lead to financial losses or even bankruptcy. Festivals need to plan for contingencies and have cash reserves to mitigate risks. Additionally, controlling costs and adopting innovative technologies can help festival organizers manage financial uncertainties and ensure long-term success.
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