The first annual music festival at the Wollman Rink in Central Park was sponsored by Rheingold beer company and opened on July 1, 1966. It was a concert series that lasted throughout the summer. The Rheingold Music Festival also took place during the summer of 1967.

The first annual Schaefer Music Festival opened on June 27, 1968 and ran each summer through the summer of 1976.

The first annual Dr. Pepper Music Festival opened on July 6, 1977 and ran annually through the summer of 1980 (the 15th, and last annual music festival held at the Wollman Rink).

It is now known as the Trump Wollman Skating Rink, as it is operated by the Donald Trump organization. It no longer hosts concerts, but it is still used for public ice skating in the winter and the 'Victorian Gardens' Amusement Park in the summer.