Moogfest loses $1.5 million, looks ahead to 2015

Cathy Martin - May 16, 2014 - 4:00:00 pm

Last month's Moogfest music and technology festival lost more than $1.5 million, the Asheville Citizen-Times reports. The figure is based on a grant application filed with Buncombe County.

The electronic music festival expanded from three to five days and added a technology conference this year, with an objective of attracting new tech companies to the Asheville area.

Organizers estimate the festival, held April 23-27, attracted more than 25,000 people to its free events, and ticket sales brought in more than $712,000. Expenses totaled more than $2.7 million, including $1.5 million for artists.

Moog Music Inc. projected Moogfest would generate $30 million in visitor spending, double that of the previous year, but official estimates are not available yet.

Attracting an underwriting sponsor for 2015 will be key, and organizers say seven companies, including Google, SAS Institute, Microsoft and Red Hat have expressed interest.

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