Live Nation Purchases Half Of Insomniac
Live Nation Entertainment is reportedly buying about a 50% stake in Insomniac Events for $50 million, according to the Wall Street Journal.
Insomniac, the producer of massive electronic dance music festivals like the renowned Electric Daisy Carnival with its 300,000+ attendees, is a major purchase for the country’s biggest concert promoter.
What’s more, just months ago the head of Insomniac, Pasquale Rotella, turned down $100 million from SFX Entertainment’s Robert Sillerman, who had recently purchased 75% of ID&T (about 97.5 $million!), the Tomorrowland promoter and one of Insomniac’s biggest rivals, especially considering it’s planned entrance into the American market this September with Tomorrowland.
As the popularity behind electronic dance music grows, so does the push to capitalize on the growth of this booming genre, which Live Nation is currently doing well. Their recent purchases include HARD Events out of LA and British-based Cream, which hosts Ibiza club nights and Creamfield Festivals across the world. HARD Events will have its own stage at this year’s EDC.
With the combination of Live Nation’s resources and Rotella’s visionary experience creating, Insomniac festivals are sure to become bigger and bolder as the duo grows closer.
Electric Daisy Carnival, which just announced this year’s lineup on May 1st, is not only making the leap across the pond for a London event in July, but has already sold out its flagship Las Vegas event with a 3-day capacity around 345,000. The forecast for Live Nation financials is looking bright with PLUR vibes and a strong chance of neon green.
