Lollapalooza India is set to break even by next year in the third edition of the festival at Mumbai’s Mahalaxmi Race Course, according to chief of business Owen Roncon.
Roncon claimed that a significant surge in attendances at live events, particularly those featuring international artists, has contributed to the success of the festival.
He stated that it is typical for a major event like Lollapalooza India, which attracted 60,000 people in its inaugural edition last year, to become financially stable.
“Lolla will break even by next year for sure,” Roncon told Mint.
“We are in the ballpark and it’s going per the plan with no massive deviation.
“The kind of brand pickup that we have seen in Lolla is unprecedented.
“I don’t think there’s any other IP that has picked up this kind of inventory from the market.
“And it’s only increasing. I think by next year, we’ll be able to do far more for brands, and our plans are bigger and better for the brands themselves. So therefore, I think that that those scales are going to get better.”
The second edition of Lollapalooza India is scheduled to take place this weekend (January 27 to 28).
It will feature artists such as Sting, the Jonas Brothers, and Keane, with ticket prices starting at INR 5,999 (£56/$72/€66).
Despite the popularity, Roncon has expressed a desire for future editions to have further ticket price options, by subsidising the rates through increased brand support.
“We aim to integrate brands into the ticket price conversation, showcasing to consumers that brand participation leads to more budget-friendly tickets,” he said.
“This aligns with our goal to make brands an integral part of price point discussions, ensuring a win-win for both consumers and brand partners.”
The upcoming second edition is supported by partnerships with various brands including Budweiser Beats Energy Drink, Johnnie Walker, NEXA, RuPay, Levi’s, Maybelline New York, CRED, and Bisleri
Vedica Himalayan Spring Water.