Guam – On Monday PNC reported that the Guam Live concert series has been operating at a loss. However, GVB CEO Nate Denight says that the concert was not meant to make a profit but rather meant to promote Guam.
GVB has spent $1.4 million on this concert series since 2014. In contrast, it has only collected a little over $546 thousand in revenue. Denight says that the Guam Live International Music Festival was created to generate more visits from tourists and to provide a concert that locals can enjoy. Denight says the Guam Live concerts help to generate good public relations and media exposure for Guam. He says it falls in line with their plan to throw events during the slow months of April, May, June and half of July.
“We consider it an investment. So, our ultimate goal is not to make money off of concerts. It’s to bring more visitors, the P.R. exposure and also create great events for our local community as well where they benefit,” said Denight.
“Have you guys been able to gauge how many tourists come to Guam for the Guam Live festivals?” asked PNC. “So, we have the daily arrivals report before we track the arrivals per date. So, we definitely see a spike right before the event. Obviously, next question is how many of those are coming to the event? So, we’re trying to get better at pinpointing who exactly and where they purchased the ticket whether visitor or local. So, we’re trying to get better in that range but we would estimate we’re having between 300 and 500 visitors come to each event,” replied Denight.
Denight says GVB considers the Guam Live concert series a successful signature event.