Bumbershoot and AEG

I thought I posted this when it first came out, but looking through my blog, I couldn't find it. At any rate, here it is. AEG has been moving into the festival biz, most recently getting involved with the Monolith Festival at Red Rocks.

Bumbershoot hopes new partnership will bring big headliners: Local News: The Seattle Times, 2/20/07: "One Reel, the non-profit arts organization that produces Bumbershoot, has announced a five-year deal with national concert promoter AEG Live, hoping it will bring more headline acts to the annual arts festival at the Seattle Center.

Under the agreement, AEG will share the financial risk (and profit) of booking music headliners, help secure sponsors and become an underwriter of the three-day fall festival. It is unclear what effect, if any, the new relationship will have on ticket prices....

Bumbershoot will remain independent and is not merging with or being 'bought out' by AEG, nor will AEG be billed as a title sponsor — as in 'AEG presents,' Scoleri said.

'One Reel is still going to book Bumbershoot,' said Scoleri.

As the concert business has consolidated, it has become more difficult for annual festivals to compete for major rock acts. In the past, Bumbershoot has booked artists on the way up or established acts without a recent popular album. One Reel also enjoyed extra booking clout when it presented the Summer Nights concert series. But that series was sidetracked last year when a lawsuit prevented it from being held at Gas Works Park and there are no plans to hold the concerts in Seattle this summer.

With a promoter such as AEG sharing the financial risk — and the profit — major pop music acts may become more available....

Bumbershoot turned a profit last year of $200,000, even after shortening the festival from four days to three. It drew about about 40,000 people a day, according to estimates. In 2005, because of bad weather, the festival lost close to $300,000.