A SZIGET RENAISSANCE

The music industry has been facing uncertainty and losses for the past decade. However, there is one part of the sector that seems to have been thriving even more since COVID: live music. Standalone concerts, tours, and residencies have allowed artists and their labels to generate significant revenue through merchandise and ticket sales. At the same time, artists are able to promote their music and reach new audiences through festivals.

Although festivals represent attractive opportunities for both artists and fans, their organizers often do not share in that financial success. In recent years, music festivals around the world have been fighting an uphill battle: rising artist fees and increasing overhead costs that ticket revenues alone fail to cover. In many cases, organizers have been forced to cancel or postpone events, a situation recently worsened by rising fuel prices.

However, if there is one European festival that seems to be doing better than it was a few years ago, it is the Sziget Festival in Budapest.

Held from August 11th to August 15th, with the return of its iconic “Day 0” on August 10th, the Hungarian festival presents this edition as one of rebirth and renaissance. After almost a decade under external control following the 70% acquisition by Superstruct Entertainment in 2017, the festival is returning to its roots, with original founder Károly Gerendai and his team once again at the helm.

This return to independent management and ownership, supported by local investors and long-term site agreements, aims to restore the festival’s unique cultural atmosphere. Gerendai has stated his goal of making the event once again a truly Budapest-based festival that still attracts international audiences, without making them the sole focus. This objective is reflected in a renewed emphasis on Hungarian culture and the local music scene, as demonstrated by the lineup.

Despite a tighter but more focused budget, this year’s lineup largely compares to that of previous editions. Twenty One Pilots, Florence + The Machine, and Zara Larsson will take to the stages where Charli XCX, Chappell Roan, and Kid Cudi performed last year. With a notable presence of international artists, the festival continues to stand out as one of the most culturally diverse events on the European music scene. Alongside the headliners, British singer-songwriter Jorja Smith, Italian rapper Chadia, and many more artists from all five continents will perform across more than 60 stages during the five-day event. Sziget continues to shine thanks to its wide range of musical genres and styles – there is truly something for everyone.

Our excitement for this year’s edition was shared by fellow Bocconi student Benjamin Bekes, who lived in Budapest before moving to Milan. He told RadioBocconi: “For Hungarians, especially those who live in Budapest, attending Sziget is a tradition. We really look forward to it. It’s those few days in mid-summer when everyone just parties, meets people, and has a good time.”

However, he also recalls the fear he and other Budapest residents felt when the festival was on the verge of cancellation: “This year is a bit different, as it almost got cancelled.” He explains that Superstruct Entertainment had considered halting the festival altogether due to its lack of profitability, before it was reacquired by its original founder. “With the help of the government, we are going to have Sziget after all,” he adds.

This situation has resulted in a lineup that is “a bit different,” according to Benjamin. When asked to elaborate, he explains that the change in ownership has led to the inclusion of artists who are “less big than usual,” especially when compared to past headliners such as Dua Lipa and Justin Bieber in 2022, or Billie Eilish and David Guetta in 2023.

Nonetheless, several names in this year’s lineup give him confidence in the festival’s success. He mentions the artists he is most excited to see: Lewis Capaldi – whom he has already seen at Sziget – DJ Skrillex, whose set he believes “will be a fun party,” and, last but not least, Zara Larsson, who will come “with all the bangers.”

He hopes this year’s edition will be a great one, full of fun and entertainment for all attendees, and notes that people “have high hopes” following the festival’s unexpected and dramatic rebirth.

Bouchra Haddani