Despite a slow economy and soaring gas prices, many concertgoers this summer will spend more than $200 in ticket fees to attend a multiple-day music festival. But in an effort to provide an affordable ticket price for its 15- to 25-year-old demographic, clothing retailer American Eagle Outfitters will primarily rely on company dollars to underwrite its inaugural New American Music Union festival in Pittsburgh.

American Eagle Outfitters has tapped Red Hot Chili Peppers frontman Anthony Kiedis to help curate the new event, which will feature performances by Bob Dylan & His Band, the Raconteurs, Gnarls Barkley, the Roots, Spoon, the Black Keys, Black Mountain, the Duke Spirit, NASA and Tiny Masters of Today, with several more acts expected to be announced. The festival, set for Aug. 8-9 at SouthSide Works in Pittsburgh, also will feature 15 college bands that were selected by American Eagle Outfitters scouts who survey college music scenes around the country.

With affordability in mind, admission to the festival for college students is $25, while non-students will be charged $49.50. As a bonus, ticket purchases include a commemorative festival T-shirt, which is "something that would normally cost as much as the ticket," American Eagle Outfitters chief marketing officer Kathy Savitt says.

Click here to read more about how tickets are selling, American Eagle Outfitters’ budget for the festival, and how the clothing retailer plans to promote the event across its 900-plus stores in North America.