Emin talks about financing of ZHARA festival

Baku. 4 October. REPORT.AZ/ About $ 5 mln were spent on ZHARA festival this year.

Report informs, Russian singer and businessman Emin Agalarov told Russia's Forbes.

"I spent about $ 5 mln this year on ZHARA festival. In 2016, was spent $ 2.6 mln, of which 1.2 million dollars were returned in the form of sponsorship and through sale of tickets. Last year, the loss was $ 1.4 mln, this year $ 2.5 mln", Agalarov said.

According to him, he looks at the organization of the festival as a business.

"I don’t expect payback in a year or two, much more time is necessary. Investments in the hotel business, for example, begin to pay off only after 10-12 years. It takes 8-10 years in commercial real estate", businessman noted.

E. Agalarov stressed that taking into account the development of the festival, it is possible to set aside a single day for the performance of international celebrities.

"Under this business, it is possible to organize a broadcast on American television, the festival will grow from year to year, and then I can earn on ZHARA”, singer added.