Heritage of Pride, the nonprofit behind New York City’s official Pride celebrations, has revealed a $750,000 funding shortfall for 2025, citing a significant retreat from major corporate sponsors.
In a statement released Wednesday, May 21, NYC Pride Co-Chairs Kazz Alexander and Michele Irimia shared that while more organisations have come on board compared to last year, the group has only secured 75% of its fundraising target. The remaining 25% gap not only threatens the scale of the upcoming events — including floats, vendors and performances — but also puts grant programs at risk. In 2023, those grants provided over $100,000 to grassroots LGBTQ+ organisations.
This announcement echoes a national trend. Across the U.S., Pride festivals have seen financial strains as corporations reconsider public partnerships. The reassessment is partly driven by recent tariffs impacting the U.S. economy and a political climate that has grown hostile toward diversity, equity, and inclusion (DEI) initiatives.
According to the Wall Street Journal, corporations such as Mastercard, PepsiCo, Nissan, Citi, and PwC have chosen not to renew their sponsorships for 2025. The New York Times noted that nearly all of last year’s top sponsors — including Garnier, Skyy Vodka, Target, and Mastercard — have either withdrawn, scaled back support, or requested anonymity regarding their contributions.
Currently, the only listed Platinum-level sponsor is Out @ L’Oréal, the LGBTQ+ employee network at the cosmetics giant. Target, while reportedly maintaining support, has opted to participate as a “silent partner” following backlash and internal policy changes following executive orders limiting DEI programs.
Kevin Kilbride, spokesperson for Heritage of Pride, confirmed to both the Times and Gay City News that economic uncertainty and political repercussions were key reasons cited by companies backing away. “Some folks have definitely mentioned the fear of potential blowback from the [administration] if you are a big corporation and you are publicly supporting DEI initiatives,” he said.
A survey from Gravity Research, referenced by the Wall Street Journal, showed many corporate executives listed potential government scrutiny over DEI as their main reason for scaling back on Pride visibility. Fabrice Houdart, Executive Director of the Association of LGBTQ+ Corporate Directors, questioned the economic rationale behind the pullback. “It is difficult to believe this is purely about financial concerns,” he said.
Pink Media President Matt Skellard added that the fallout from Bud Light’s controversial 2023 campaign with trans influencer Dylan Mulvaney has left corporations wary. “A lot of bigger companies are taking a back seat because they are afraid to be boycotted from either the left or the right,” he said.
Despite the financial hurdles, Kilbride confirmed that NYC Pride’s major events — including PrideFest, the Pride March, and Youth Pride — will go ahead. The organisation has launched a campaign to raise $25,000 to help bridge the immediate gap for next month’s festivities.
Still, if that fundraising goal isn’t met, some programming may face reductions or cancellations. In 2024, NYC Pride was forced to cancel both its annual Pride Rally and Pride Island music festival due to post-pandemic financial pressures.
Nevertheless, Kilbride remains optimistic about future collaborations. “If not this year,” he said, “we want to keep that line open so they are able to show up for us.”
