Reevestock is a music festival held in Elkin for the past three years. The venue started in 2011 by local folk-rock band Time Sawyer.
The festival sought to benefit the restoration of the last remaining theater in Elkin, The Reeves.
According to Reevestock organizers, the event is growing, but finds itself trailing on critical factors such as sponsorship revenue.
“Reevestock 2013 was a wonderful weekend that couldn’t have been accomplished without the magnificent help from all our volunteers, our wonderful attendees, and our amazing bands,” said organizer Sam Tayloe. “Ticket sales were up by 30 percent, reaching large numbers of festival attendees from five different states including Virginia, Tennessee, Alabama, and Texas. Online ticket sales show that over 50% of orders were purchased by non Surry or Yadkin Country residences, bringing many out of town folks to our area for the festival.”
A music festival is an event oriented towards music that is sometimes presented with a theme such as a musical genre, nationality, or locality of musicians. They are commonly held outdoors, and are often inclusive of other attractions such as food and merchandise.
Music festival’s have become vacation destinations for many American families. According to organizers of Reevestock, statistics of two other local music festivals show interesting facts. The majority of Wilkesboro’s Merlefest attendees travel over 50 miles to attend the festival. Floydfest in Floyd, Virginia creates over 2 million dollars in town revenue during the 4 days the festival is held every year, and Floydfest is only 13 years old.
With ticket sales up and attendees coming from out-of state, the Town of Elkin see’s its benefits.
“The ED Department and Elkin Tourism Development Authority view all our festivals favorably and desire to build on each one to enhance the economic benefit to both accommodation providers and merchants. Each one of Elkin’s unique festivals offers an opportunity for us to build upon, adding things such as races and river experiences, among other things, to compliment existing events,” stated Leslie Schlender, economic development director for the Town of Elkin.
According to Tayloe, Reevestock made a brand-related investment, thus impacting its bottom line.
“With that investment, we saw substantial growth in attendance, substantial growth in out of town/out of state purchases, substantial growth in money earned by our food and beverage vendors, and a substantial growth in our online social media buzz throughout all age groups,” said the musician.
Though ticket sales were up, according to Tayloe sponsorship was down.
“As previously stated, we succeeded in raising our ticket sales substantially, in town as well as out. However, our sponsorship dollars were 50% less than what we received last year. This emphasizes how fortunate we are to have the support from our sponsors who have been with us as we have grown. This also shows that we need more sponsorship support from the surrounding Jonesville and Elkin area,” said Tayloe.
Nevertheless, Tayloe contends the festival can benefit the entire region and add a new and interesting fold to Surry and Yadkin Counties, and he said Reevestock will continue channeling through Tri-County Citizens Foundation, Inc., a registered 501-C-3 who received ownership of the historic theatre in 1999.
“We plan to continue working with Tri-County Citizens as the festival will still be a benefit festival looking to highlight different charities or local projects each year as we grow,” said Tayloe.
On the Monday after Reevestock, the Tri-County Citizens Foundation, Inc. announced that its Reeves Theatre would be sold to a private investor. Details surrounding the sale were not released citing privacy of the potential buyer.
According to a 2011 IRS Form 990 financial summary for the Tri-County Citizens Foundation, Inc., the charity reported total assets of $605, 505 and total liabilities at $145,165. Net assets were reported in 2011 at $460,340.
Reach Anthony Gonzalez at 835-1513 or email at email@example.com.