In the diploma it will be discussed about the concept and definition of management, its levels, mission and vision, the basic functions of management, contemporary management, the concept and types of festivals and also world and regoinal music festivals. At the end of diploma thesis, you can find the results of survey related to the promotion and organization of music festivals in which an attempt was made to find out how much social networks influence the organization and promotion of music festivals among young people and whether the promotion of music festivals is sensationalistic. The purpose of this paper is to point out the importance of modern management in the organization of events with the focus on music festivals. Research carried out in the paper showed that young people mostly use social networks as a tool for information and promotion, and also that the organization must focus primarily on social networks. During the writing of the diploma thesis, I used data from various final and graduate theses of students which will be listed in the literature, internet sources of the official festival websites and portal articles, as well as a various professional and science literature and also popular literature of a cultural nature. From the available data, it can be emphasized that the use of traditional management for the purpose of event organization is not enough and that is necessary to use modern management tools that will improve event attendance by monitoring trends. Regional festivals still have a lot of room for improvement even with a budget deficit, and positive results will be achieved with the increase in knowledge.