Pangaea’s plummeting profits: festival makes a loss of £4000
January’s ‘The Lost City’ makes a loss of £4k – and it could be bad news for the summer event
Katie BurnsJanuary’s Pangaea ‘The Lost City’ made a loss of a whopping £4,000.
Manchester Uni’s bi-annual post-exam blow-out isn’t what it used to be – it turns out calling January’s Pangaea ‘The Lost City’ might have been tempting fate.
Despite a significant part of the Activities and Development Officer role being dedicated to running the event, the festival managed to make a huge ‘operational loss’ of £4000.
It’s all thanks to lack of interest, slow ticket sales and recent damages paid to the Union. And it even comes after the event’s capacity was reduced by 1,000 since the September festival.
But this still wasn’t enough as the event still didn’t sell out – and at £25 a ticket, it’s hardly surprising.
The soaring costs were defended in a post on the event’s Facebook page which read:
“Before you dare complain about the price of tickets please ask yourself where else you get the same level of line-up, creative input and production value for less than £25.″
However, the price was clearly enough to put some people off.
Was it worth it?
And the loss could mean bad news for summer’s Pangaea.
It’ll have to be done on the cheap, as the event is on a rolling budget which means money made (or not made) goes towards the next event.
The bar profits were slightly more healthy, with £22,000 being raised on the night. But unfortunately, this goes into a separate budget.
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