Scoop: 80/35 festival in jeopardy after Des Moines Music Coalition dissolution

• It is uncertain whether another entrepreneur or organization will step in to keep the festival going.

Catch up fast: 80/35 launched in 2008 and was mainly run by volunteers to extend the group's broader mission of building the metro's music community.

• The organization struggled in recent years after canceling two consecutive festivals during the pandemic.
• Attendance this year was disappointing after the event moved to Water Works Park amid downtown construction and "unsustainable" production costs."

Driving the news: DMMC filed "articles of dissolution" with the Iowa Secretary of State's Businesses Services division on Friday.

• In a statement to Axios, the group said the music landscape has changed significantly, but organizers believe others are well-positioned to continue fostering the city's music culture.

State of play: DMMC had nearly $300,000 more in expenses than in revenue at the end of 2022, according to its latest tax filing.

• Its net assets dropped nearly 67% that year — from $441,000 to $149,000, per the filing.

• Organizers did not immediately respond to Axios' inquiry about whether the organization has outstanding debts linked with this year's event.

The big picture: A festival recession is in the works as production costs rise, music listenership changes and ticket sales decline, NPR reports.

• At least a half dozen festivals were canceled this year in the U.S., with others going silent in Europe and Australia, per NPR.

What's next: DMMC will work with partners and vendors to "wind down operations," according to its statement.