Revenue / 03.08.23
Are Nonprofit Festivals the Future of Live Music for Disenchanted Concertgoers?
Mashable (03/02/23) DiBenedetto, Chase
Arizona-based independent music festival M3F suggests a nonprofit model will free fans from higher ticket prices while supporting philanthropy. In the course of its 19 years, M3F has raised more than $4.4 million for charities, including organizations committed to the arts, education, environment and community welfare, and has launched the year-round M3F Fund to support local organizations. "We launched the M3F Fund as a separate website that tracks exactly how we're using the money and to who, and how they are using the money," said festival manager Warner Bailey. M3F's model is based on a horizontal platform of volunteer networks, charity sponsors and labor swapping, with Wespac Construction overseeing much of the event's logistics coordination while brand partners and nonprofits provide additional services, labor and products. The overarching goal is to reduce expenses and guarantee that most revenue is channeled to nonprofit beneficiaries. "We really make a conscious effort to keep prices as low as we can while still being able to generate as much donation as possible," Bailey explained. "We want to be inclusive for fans that have both been with us for years, but also a younger cohort that is being forced to pay $100, $200, $300, $700 to see some of these acts." M3F's nonprofit model is succeeding in appealing to younger audiences that are unhappy with the status quo, enjoy live music and care about doing good.
Read the full story from Mashable.
Tags: Revenue , Philanthropy