Carol Motsinger

cmotsinger@citizen-times.com

Moogfest 2014 lost more than $1.5 million, according to a grant application from the organizers of the five-day Asheville festival designed to celebrate art, technology and music.

The grant application for $250,000 from the Buncombe County Culture and Recreation Authority reveals new details about the retooled spring event's profits and losses.

The application also emphasizes how organizers are seeking grants, sponsorships and other contributions to minimize loss and increase profit margins in 2015.

Moogfest ticket sales totaled more than $712,000, with food, beverage and merchandise sales at around $29,000. Expenses totaled more than $2.7 million. The majority of the festival costs came from talent. Festival organizers Moog Music spent more than $1.5 million on artists and artists travel, hotel and meals.

Moogfest 2014, touted as a new economic development tool to coax more technology talent to the area, received $90,000 in funding from the county and $40,000 from the city of Asheville, along with another $50,000 in in-kind services.

The grant application is for a Community Development Grant; it's on the agenda for the 3 p.m. May 20 meeting of the Buncombe County Culture and Recreation Authority at the Pack Memorial Library at 67 Haywood St.

Moog Music, organizers of the festival founded in honor of electronic music innovator Bob Moog, made a capital investment of $500,000. "We do not anticipate the need for another one in 2015," the grant says.

The grant also noted that the organizers are "are confident there is at least $300,000 in expenses that we can cut for 2015."

It continues: "For the most part these will be found thru efficiencies associated with managing this event for a second time," according to the grant. "We are very confident in the increase in ticket revenue. The major question is our ability to attract an underwriting sponsor.

"However as a result of the success of the first year event, we have seven legitimate candidates interested in underwriting: Google, SAS, Microsoft, Red Hat, IBM, Samsung, and Intel."

The festival ran April 23-27 in nearly 20 venues in downtown Asheville.

Programming feature more than 100 musical performances, 105 speakers, panels, multimedia installations and public art exhibits and expos.

The revamped festival attracted 7,000 badge holders, with some traveling from as far as Tokyo and Guatemala to attend. More than 25,000 people filled the streets of downtown for the free programming, according to a press release.

"Our mission is to enhance the profile of Asheville, WNC, the State, and the region in a manner that will attract technology firms to the area," according to the grant.

"Moogfest brands Asheville and by association the State with a cool factor that other areas of the country would have a very difficult time matching. This gives our area a unique competitive advantage when it comes to attracting and recruiting new technology firms to the area."