Electric Factory Founder Larry Magid Pledges Seven Figures For College Scholarships

Electric Factory Concerts founder and legendary Philadelphia promoter Larry Magid and his wife Mickey have made a seven-figure pledge for scholarships bearing the names of Billy Crystal, Bruce Springsteen and Bette Midler, among others. 

Temple University – Larry Magid

The Magids are creating 11 new scholarship funds—and making gifts to three others—for students with financial need enrolled at Temple’s Boyer College of Music and Dance; Klein College of Media and Communication; School of Theater, Film and Media Arts; and the Lewis Katz School of Medicine.

“A fundamental philosophy of mine is to share my successes,” Magid said. “Knowing firsthand how transformational a Temple education can be—especially for hardworking students with financial need, like I was—I couldn’t be happier to join my wife in supporting the next generation of performing artists and music executives.”

See: Lessons Learned: Larry Magid 

Although Magid sold Electric Factory Concerts—the promotion company associated with the Electric Factory—he maintains ownership of the iconic venue on North 7th Street and, in 2011, published “My Soul’s Been Psychedelicized: Electric Factory: Four Decades in Posters and Photographs.”

He also operates Larry Magid Entertainment and was instrumental in producing the Live Aid and Live 8 benefit concerts in Philadelphia.

Also honored by the student scholarships are Miles Davis, music agent Jack Whittemore, Springsteen manager Jon Landau, E-Street Band guitarist Steven Van Zandt.

Scholarships for medical students are being named for Electric Factory co-founder Herb Spivak and Kristen Ann Carr, for whom the Kristen Ann Carr Fund for cancer research is named.

“These performers and executives have made a lasting impact not only with their artistic talents but also through their achievements in supporting various charitable organizations and communities in need,” Magid said.

A West Philadelphia native, Magid has consistently supported the institutions in the city that he holds dear, including raising more than $1 million for local schools and music organizations through the auctioning of rock ‘n’ roll memorabilia and supporting the charitable foundation of Philadelphia Eagles player Chris Long, who inspired Magid to make a gift to Temple in Long’s name after the defensive end donated all of his 2017 regular season football game earnings to promote education equity and opportunity for underserved youth. 

Magid has pledged to match Long’s donation with Temple scholarships.