Memphis in May had record profit loss in 2023; Beale Street Music Fest had lowest attendance in 30+ years

MEMPHIS, Tenn. (WMC) - Memphis in May officials report significant losses from the 2023 event.

Beale Street Music Festival in particular had its lowest attendance in more than 30 years, with a total of 37,805 guests.

The organization reports the lower attendance, as well as elevated talent costs and ticket sales competition from other events in the area led to a loss of $3.48 million.

It’s the second straight year the festival has suffered a record loss in revenue, after 2022′s event lost $2.33 million. That event was displaced to Liberty Park during renovations to Tom Lee Park.

The event moves back to Tom Lee Park in 2023, but construction was still not complete.

Memphis in May and Memphis River Parks Partnership are embattled in a lawsuit over unpaid damages to Tom Lee Park.

MRPP is seeking compensation for the $1.4 million in damages caused to Tom Lee Park during the organization’s spring festivals.

Memphis in May says the restoration costs typically cost an average of $61,832 annually.

Because of this lawsuit, Memphis in May is looking for a new location for the World Championship Barbecue Cooking Contest.

“We are assessing all options for 2024 and making some tough but necessary decisions,” said James Holt, Memphis in May President & CEO. “Memphis in May is no stranger to rebounding from adversity, so we will do what we must. Announcements about the 2024 festival events, dates, and venues are forthcoming within the next seven to ten days.”

You can look at the full financial summary below:

Click here to sign up for our newsletter!

Click here to report a spelling or grammar error. Please include the headline.

Copyright 2023 WMC. All rights reserved.