This is the 8362nd most frequent Russian word.
молодежном
"Молодежном" means "youth" or "relating to youth."
Here, 'молодежном' describes the festival, indicating its focus or target audience—youth.
Мы встретились на молодежном фестивале.
We met at the youth festival.
In this example, 'молодежном' characterizes the center, showing it is intended for or associated with youth.
В молодежном центре проходят интересные выставки.
Interesting exhibitions are held at the youth center.
This shows 'молодежном' modifying the competition, implying it is organized for or involves young participants.