Student Run Music Festival Loses $150,000.
Spring has finally arrived and that means planning for upcoming summer concerts, festivals and events is already in full swing! Booking the perfect artist or performer is sure to draw a large crowd and make the event a success. That being said, as you put resources into finalizing the details of an event it is vitally important to protect yourself from the unexpected.
Case in point, in September 2013 the University of Manitoba Student’s Union (UMSU) decided to revamp their orientation week on campus. They wanted to get students excited about the University and the year ahead. They introduced Frosh Music Festival which featured many popular artists who would perform at the Investors Group Stadium for all new and returning students. The event was running at its projected budget and tickets were selling fast, everything was on track for Canada’s largest student-run music festival.
At the last minute, the main act – Childish Gambino – cancelled his scheduled performance and UMSU made the decision to extend the event to two days instead of one in order to give him an opportunity to reschedule. Instead of breaking even or making a profit, the Frosh Music Festival lost over $150,000. According to the event producer, this huge loss was a result of the rescheduling by the headlining artist.
This is a defining example of the need for Event Cancellation and Non-Appearance coverage which protects against unexpected Cancellation, Abandonment, Postponement, or Relocation. Had UMSU set a policy in place, they would have been protected from the financial loss due to artist non-appearance.
Coverage can be arranged for such events as company conferences, outdoor festivals and concert events. Only by insuring your event against unforeseen circumstances can you guarantee your bottom line is protected.
- Cancellation Insurance