Moogfest 2014 loses $1.5 million
(Asheville Citizen-Times) Moogfest 2014 lost more than $1.5 million, according to a grant application from the organizers of the five-day Asheville festival designed to celebrate art, technology and music. The grant application for $250,000 from the Buncombe County Culture and Recreation Authority reveals new details about the retooled spring event’s profits and losses. The application also emphasizes how organizers are seeking grants, sponsorships and other contributions to minimize loss and increase profit margins in 2015. Moogfest ticket sales totaled more than $712,000, with food, beverage and merchandise sales at around $29,000. Expenses totaled more than $2.7 million. The majority of the festival costs came from talent. Festival organizers Moog Music spent more than $1.5 million on artists and artists travel, hotel and meals.
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