Woodstock 50 Reportedly Needs $30 Million To Happen

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Last week, Woodstock co-founder Michael Lang indicated that Woodstock 50 would go on despite reports that it had been canceled.

Sources told Billboard that Lang has until Friday to raise the money needed in order to produce the festival. An estimated $30 million is necessary to stage the concert originally scheduled for August 16-18 at Watkins Glen International Speedway. The estimated $30 million is on top of the $30 million Dentsu Aegis Network, an original investor in the festival, paid for headliners including Jay-Z, Dead & Company, The Killers, Imagine Dragons, Miley Cyrus, and Chance the Rapper.

When Dentsu withdrew from the festival weeks ago, it lead them to believe Woodstock 50 would be canceled. However, Lang insisted that the event would go on. He wrote in a Facebook post, 

“We are committed to ensuring that the 50th anniversary of Woodstock is marked with a festival deserving of its iconic name and place in American history and culture. Although our financial partner is withdrawing, we will of course be continuing with the planning of the festival and intend to bring on new partners… The bottom line is, there is going to be a Woodstock 50th Anniversary Festival, as there must be, and it’s going to be a blast!”

The Black Keys have pulled out of the festival, but other artists such as The Killers, Santana, The Lumineers, Dead & Company, Jay-Z, and Imagine Dragons are still listed on the lineup. As of publishing, it's unclear if artists originally announced to perform at the fest are still obligated to do so.

Billboard notes that many agents are waiting to see if Lang can raise the necessary funds and secure a mass gathering permit before officially declaring the status of their artists at Woodstock 50.