1. Investments and Loans:
* Artie Kornfeld and Michael Lang: The co-creators of Woodstock initially secured $1.8 million in investments from various individuals, including members of the rock band The Band. This investment served as the initial seed capital for the festival.
* John Roberts and Joel Rosenman: These two businessmen provided substantial financial backing to Woodstock. They loaned an estimated $1 million to cover various expenses related to the festival's organization and logistics.
2. Advance Ticket Sales:
* Advance Ticket Booths: To generate revenue and secure funding, advance ticket booths were set up in major cities across the United States. Tickets were priced at $18 ($125.67 in today's money) for a three-day pass and $7 ($49.53) for a single day.
* Ticketron System: Woodstock organizers partnered with Ticketron, a ticketing company, to handle advance ticket sales. Ticketron had exclusive rights to sell tickets through its computerized ticketing system, which helped reduce the risk of counterfeiting.
3. Concession and Souvenir Sales:
* On-Site Vendors: Woodstock organizers allowed on-site vendors to sell food, beverages, and merchandise related to the festival. Vendors paid a fee to the festival for the opportunity to sell their products, contributing to the overall revenue.
4. Film and Recording Rights:
* Film Rights: Woodstock Ventures, the festival's production company, secured a deal with Warner Brothers for the exclusive film rights to the event. The documentary film "Woodstock" was released in 1970 and grossed over $50 million at the box office, adding significant revenue to the festival's finances.
* Recording Rights: Woodstock Ventures also negotiated a deal with Atlantic Records for the exclusive rights to record and release the music performed at the festival. The resulting triple-album, titled "Woodstock: Music from the Original Soundtrack and More," was a commercial success, selling over 4 million copies in the United States.
Despite these sources of revenue, Woodstock faced financial challenges during and after the festival. Due to the overwhelming attendance, which far exceeded expectations, the festival encountered unforeseen costs, including infrastructure, security, and food supply issues. This resulted in debts that took several years to settle, even with the success of the film and album releases.