However, changes to the event are likely.
The Sziget Festival is one of the most recognizable brands of Budapest and Hungary — a fact that may have contributed to the political decision to save the event.
As previously reported, last month news broke that the Sziget Festival was in mortal danger: the owner, Luxembourg-based Superstruct Entertainment, announced it would no longer take financial risks and wished to terminate its lease agreement for the festival grounds.
This is hardly surprising, as Forbes reported that Sziget Zrt. ended 2023 with a loss of 1.8 billion forints, 2024 with 3.9 billion, and expects another loss exceeding 2 billion in 2025.
After some political debate, the Budapest City Council decided to allow the Luxembourg-based company to withdraw while giving the green light for Károly Gerendai to return — with the promise that he will “save” Sziget.
Gerendai is an iconic figure of the festival. He founded Sziget at the age of 22, and under his leadership it grew into an internationally renowned event.
In 2017, after 25 years of active organizing, he handed over the company’s management to his chosen successor, Tamás Kádár, and retired from festival organizing. That same year, he sold 70% of the company to Superstruct Entertainment.
Now he is returning to the head of Sziget Zrt. as a strategic leader, and together with his investment partners, he will operate the festival under a complex ownership and management structure.
Based on his public statements, Gerendai himself has doubts about the future, but since this is his “beloved child,” he is determined to make the continuation a success.
It is already confirmed that the 2026 Sziget Festival will take place from August 11 to 15, with ticket sales starting soon.
Given both the change in ownership and the persistent financial losses, it is clear that the festival’s content will also undergo changes — although no specific details are known yet.
Gerendai commented on this issue in an interview with a Hungarian news portal:
“I wouldn’t want Sziget to be confined to a single age group. Of course, young people will remain an important target audience, but we also want to reach out to former visitors. Our goal is to organize a festival that everyone can love — a truly unique event on the international stage, with renewed energy.”
