Charlotte Pride prepares for deficit as corporate sponsors scale back
Why it matters: Meredith Thompson, Charlotte Pride's managing director, tells Axios she expects the organization to face a financial deficit heading into their annual parade and festival in August.
The Pride Festival will be Aug. 16-17 in First Ward Park and surrounding streets — a shift from its previous home on South Tryon.
Context: The risk for engaging around LGBTQ+ issues has increased 42% since this time last year, according to GravityResearch insights, as Axios' Eleanor Hawkins reported.
Axios has confirmed companies like Verizon and Walmart are scaling back support in parades across the country.
State of play: Some sponsors have stepped back, while others have chosen to remain involved while keeping their name quiet or have decided to support other programming Charlotte Pride offers year-round.
Charlotte Pride declined to name specific companies that have decreased their support this year, however.
What they're saying: "When a sponsor says, 'I want to support you, but I want to do it quietly and I don't want to be visibly aligned with Pride,' that's sort of hard to hear over and over, because our mission is visibility," Thompson says.
There are also sponsors she has yet to hear back from.
The latest: Mecklenburg County's fiscal year 2026 budget allocated $125,000 in economic development dollars for Charlotte Pride.
Between the lines: Contracts with festival sponsors are often on an annual basis. Some of the sponsors for the upcoming festival include Krispy Kreme, Novant Health, McDonald's, Adams Beverage, PNC Bank and Bank of America.
By the numbers: It costs roughly $760,000 to put the festival on. That's just hard costs, Thompson says. It doesn't include expenses like payroll.
"It costs a lot of money to put on a free event of this size," Thompson says. "It's totally worth it for us and for the city."
The festival generated $15.8 million in total economic impact in 2023, according to Charlotte Pride's website, which reflects data from the Charlotte Regional Visitors Authority, Thompson says.
The festival also accounted for more than 16,500 hotel rooms.
The big picture: Charlotte Pride is leaning on individual donors and grant funding to continue to host the city's largest annual event that attracts roughly 250,000 people a year, Thompson says.
About 10,000 people have marched in the parade annually in recent years.
There will be a ticketed VIP section during the festival. Proceeds from ticket sales will support future festivals.
Thompson says the goal is to keep the festival and the parade free, but they are considering more ticketed programming for future festivals to help make ends meet.
The bottom line: "I feel like there is such a vibrant LGBTQ and ally community in Charlotte that I just can't see us diminishing or going away," Thompson says. "It's not going to be easy though."
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