Last updated on July 3rd, 2019 at 07:11 pm
Operating revenue was up 12 percent for Milwaukee World Festival Inc., the nonprofit organization that runs Summerfest, in the festival’s 50th edition year.
Milwaukee World Festival posted a net income increase of $6 million and total operating revenue of $49.1 million in 2017, the organization reported in its recently released annual financial report. In 2016, Milwaukee World Festival reported a loss of $781,199 on operating revenue of $43 million.
The increase over 2016 was driven by a $3.3 million increase in operating income and $3.9 million increase in capital project funding by sponsors, Milwaukee World Festival officials said.
Revenue from Summerfest, which totaled $45.4 million in 2017, up from $39.2 million in 2016. Revenue from other events and other sources was down slightly from $3.8 million in 2016 to $3.7 million in 2017.
Operating expenses also increased, from $38.1 million in 2016 to $40.9 million in 2017. After deducting operating expenses, excess of support and revenue was $8.2 million in 2017, up from $4.8 million in 2016.
Summerfest officials reported attendance of 831,769 in 2017, a 3.4 percent increase over 2016.
In 2017, the organization announced American Family Insurance as its first-ever presenting sponsor, a deal that includes the construction of a new amphitheater, which is expected to cost between $30 million and $35 million, as well as a new north gate community plaza, which will open in time for this year’s festival.