MEMPHIS, Tenn. — Memphis in May, one of the city's premiere events, released its annual report for the 2023 festival Tuesday, which saw its return to newly-renovated Tom Lee Park, and festival operators are not happy with the results.
Memphis in May reported a $3.48 million loss for the 2023 event which includes the Beale Street Music Festival and the World Championship BBQ Cooking Contest, which it said was its highest loss ever, eclipsing its previous record loss - 2022 - by more than $1 million.
Festival operators said the more than $1.4 million renovation bill from Memphis River Parks Partnership, which operates Tom Lee Park, was a major factor. Also contributing to the loss was record-low attendance figures, which Memphis in May says is in part due to the park's features forcing it to limit Beale Street Music Fest attendance to 22,000 people.
Memphis River Parks Partnership is taking Memphis in May to court over the renovation bill, but the festival said non-payment isn't an issue for them.
Still, Memphis in May plans to move forward, with the losses bringing its money on hand to a little more than $2.4 million, which is roughly where they were following the 2021 pandemic-limited festival. Festival operators say it faces tough decisions for 2024.
“We are assessing all options for 2024 and making some tough but necessary decisions,” said James Holt, Memphis in May President & CEO. “To a certain degree, we might have to reinvent ourselves a bit, 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."
Holt said announcements about the 2024 events, dates and venues will come in the next seven to 10 days.
You can read the full annual report HERE.