It's a good racket. 75 paid employees (full time/part time) and 3000 unpaid volunteers. Corporate sponsorships, benefits from the city, and tens of thousands of hopefuls sending in their paid press kit applications with ZERO chance of ever being booked.
And they've franchised it to other regions as well.
It began as an attempt to highlight regional music to the nation. Now it is a media event to highlight the "next new thing" (already signed) or to promote the new comeback album from someone of yore. Even Johnny Cash played at a punk club in 1994 to highlight his American recordings.
The “film” part began as a screenplay competition. Now it’s a place to showcase big name actors and studio films. There still a few low budget indies but they’re being pushed out. I don’t think they even have the screenplay part anymore. And I don’t think anyone ever got a movie made from a script that one.