In a time where the live events industry is still facing a lot of unknowns as far as what might be possible for 2021, two companies have come together to offer a new form of financing and support to qualified event producers in order to get their businesses back up to speed as people look to scale up their programming with the return of live events.
Introducing EventFund, the first-ever financial platform providing event organizers non-dilutive capital, covering expenses in exchange for a share of profits and providing a "unique downside protection program" against unexpected losses. EventFund was co-founded by Jon Haile and Jake Kasheta, two entertainment industry veterans who also run Primary Endeavors which has invested in entertainment brands such as PK Sound and Northern Nights Music Festival.
Jon had this to say about the launch of EventFund's Pilot Program with NIGHTOUT.
"Independent live event producers are some of the most enterprising and creative folks around. By providing financial fuel without diluting their ownership or vision, we’re creating a system that distributes risk more fairly and allows them to truly thrive. We’re proud to have a partner that shares our values and outlook in NIGHTOUT and look forward to building a brighter future for live entertainment together.”
NIGHTOUT, who for the last 10 years has been a leader in the online ticketing and event marketing space will offer its clients and event organizers the first opportunity to have their projects considered for funding under the new EventFund model. The company currently provides ticketing services to a variety of venues and major events in markets across the US and hopes to utilize this partnership to help get more events back on sale sooner than later.
NIGHTOUT's CEO Dusty Stutsman had this to say about their role in this new arrangement.
“The backbone of the event economy are the event producers who create unique and awesome experiences but COVID has brought them and our industry to a screeching halt, We believe EventFund provides the perfect solution to get them back on their feet and start hosting events again. Their innovative approach offers capital, accounting, and risk mitigation tools that will give event producers the ability to jumpstart events in the short term and be a lasting resource for growth and scalability long into the future. We're fired up about this partnership and can't wait to bring it directly to event producers who are the heart and soul of our industry, especially at this critical point in time when it’s so needed and relevant.”
As we wait to see how the winter months will further impact the spring and summer event calendar for 2021, recent news of a potentially successfully tested Covid-19 vaccine brings hope to folks that are looking to get back to business as soon as possible. EventFund and NIGHTOUT are determined to be a part of the industries come back story and beyond event funding are offering information and other resources that will help event organizers determine what they can do right now. For more information or to submit your own event for consideration, click here.