Memphis in May reports record loss of $3.48 million. What's next for festival's events?
Memphis in May has reported another year of record losses and low attendance for its 2023 events.
According to Memphis in May’s annual report, released Tuesday, it suffered a $3.48 million loss from its 2023 operations. The previous record loss of $2.23 came in 2022 when the festival was moved to the Fairgrounds at Liberty Park due to ongoing renovations at Tom Lee Park.
Attendance at its Beale Street Music Festival “fell to its lowest level in over thirty years at 37,805,” according to the report, while attendance at its World Championship Barbecue Cooking Contest “dropped as well to 39,625.”
In addition to citing issues with its use of Tom Lee Park and its continued battles with the Memphis River Parks Partnership, which operates the park, Memphis in May also noted “astronomically elevated talent costs, plus ticket sales competition from big-name artists’ concerts in the Memphis area during late 1st and early 2nd quarters of this year.”
Memphis in May’s events at Tom Lee resulted in $1,425,366 damages, which are owed to the Memphis River Parks Partnership. In September, Memphis River Parks filed a lawsuit against Memphis in May, seeking to collect an outstanding balance of $675,000 for the damages to Tom Lee. According to Memphis River Parks officials, as of Tuesday, Memphis in May has still not made any payment or made any contact regarding payment.
In a statement accompanying the annual report, Memphis in May President and CEO James Holt said the organization is “assessing all options for 2024 and making some tough but necessary decisions” — though what this means exactly for the fate of both barbecue contest and Beale Street Music Fest is unclear.
“Memphis in May is no stranger to rebounding from adversity, so we will do what we must," Holt said in the statement. He added that “announcements about the 2024 festival events, dates, and venues are forthcoming within the next seven to ten days.”
Last week, Memphis in May indicated it was looking to move the barbecue contest to Liberty Park, which a majority of barbecue teams supported, based on the results of a survey conducted by Memphis in May.
In late August, the Greater Memphis Chamber announced it would lead all international, economic development and diplomatic activities for the Memphis in May International Festival. This news was followed about a week later by the chamber's announcement that France would be the honored country for next year's Memphis in May.
In Tuesday's statement, Memphis in May board chairmen Al Gossett signaled the possibility of major changes to Memphis in May’s annual programming.
“To a certain degree, we might have to reinvent ourselves a bit,” Gossett said. “But rest assured Memphis in May will continue to be an event that will make Memphians proud and will continue to attract fans from across the country and around the world.”
Gossett sounded a more desperate note, however, concluding his statement, by “asking all civic and government leaders along with sponsors, participants, volunteers and attendees of Memphis in May to stand by us with your support and indulgence.”
This article originally appeared on Memphis Commercial Appeal: Memphis in May reports record loss: What's next for festival events?
