Sziget Festival saved! Here’s what to expect as the event enters a new era
Károly Gerendai, founder of the Sziget Festival, has regained control of the event after the previous owners withdrew from the Hungarian market — a move that put the festival’s future at serious risk. In an interview with 24.hu, the entrepreneur spoke about the circumstances of the buyback, his plans for the coming years, and the lessons learned from the past period.
Gerendai said he had not originally planned to return, but when he realised Sziget might cease to exist, he felt compelled to step in and take charge. He is now waiting optimistically for the permit from the Budapest General Assembly to use the public space, although no final decision had been reached at the time of the interview.
Gerendai critical of former owners
The founder scrutinised both Sziget Festival’s economic model and the previous owners, arguing that the foreign investors had focused far too heavily on star performers and tried to run every festival according to the same template.
As a result, the number of international visitors fell sharply. In the past, 85% of the 50,000–60,000 season passes were sold abroad, but in the last year, only 22,800 passes were purchased, and just 70% of those went to foreign guests. According to Gerendai, this clearly shows that the line-up alone is not enough; Sziget must offer a much richer and more diverse cultural experience.
Plans to strengthen Sziget Festival’s cultural offering
Speaking about future plans, Gerendai highlighted that the festival aims to enhance both the visitor experience and its cultural programmes, allocating more resources to events, services, visuals and communication. The goal is to make Sziget more appealing not only to young people but also to the 30–40 age group. The 2026 line-up has not yet been announced, but demand for passes is already high, and food and drink prices are expected to remain at this year’s level — including the continuation of the “budget food” concept.
Gerendai noted that although Sziget Zrt. has been bought back, the brand name is still owned by the previous proprietor, meaning the company will continue to pay a licensing fee. He will focus primarily on strategic leadership, spending two days a week at the Sziget office, while his hospitality ventures will continue to be managed by his team.
Financial situation did not justify the previous owners’ exit
According to the founder, Sziget’s financial position alone did not justify the former owners’ departure. The overall company portfolio was generating significant profits, and cross-financing would have kept Sziget sustainable. The true reason behind the American investment fund’s decision remains unknown to him.
With Károly Gerendai’s return, Sziget is entering a new chapter — one that puts cultural experiences and a diverse audience at the forefront, while ensuring the festival is built on stable economic foundations.