Alain Simard and Outdoor Venues

economic windfall: Early struggles The early years were challenging, according to CBC. The festival nearly went bankrupt in 1986 after a major cigarette sponsor pulled out and its costs grew by operating two outdoor venues. Little did he know that years later, the festival would stave off financial ruin and draw millions in money and crowds to become one of the country most economically successful events of the summer. "We could never have imagined that it would become a symbol of Montreal and bring about $100 million in economic windfall each year," said Simard, who is overseeing his final festival this year beginning June 26. We could never have imagined that it would become a symbol of Montreal and bring about $100 million in economic windfall each year.'- Alain Simard, Jazz Festival founder While older jazz festivals like Montreux and Newport charged admission, Montreal pioneered a formula that included holding free outdoor events to shine a light on unknown artists and paid indoor performances featuring world headliners. Nearly two million people now crowd the city streets each year during Montreal jazz festival, which operates on a budget of $30 million including government subsidies and corporate sponsorships. It worked. (news.financializer.com). As reported in the news.