MUMBAI: If you thought that Live Nation’s widening losses would affect the company’s plan to expand, then the music fraternity has to think otherwise. The Swedish division of the entertainment company has made a move to further strengthen its hold in live business. The company acquired a major stake in Stureplansgruppen (SPG), the promoters of Summerburst Festival.
Through this acquisition, the company plans to go along with its global strategy to expand in the Electronic Dance Music (EDM) segment. The move will help Live Nation grow in the Nordic region. Summerburst Festival, organised in Stockholm and Gothenburg, is one of the most successful events promoted by SPG Live, which is the subsidiary of SPG. In 2015, the festival confirmed performances by artistes such as Avicii, Axwell ? Ingrosso and Afrojack.
The Swedish company chalked out a plan for the first arena show for DJ Alesso in the country.
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Stureplansgruppe CEO Vimal Kovac said, “Stureplansgruppen’s investment in festivals and concerts has been great fun, successful and profitable. In five years, Summerburst Festival has established itself as the leading festival in Sweden, with over 100,000 visitors in 2014, and we already know that this year’s festival will beat all previous records.”
SPG Live festival general manager Anders Boström commented, “As part of Live Nation and its organisation around production, marketing, PR, sponsorship and their long experience of big events, we will be able to lift our business another level while retaining what have made our festivals and concerts so great.”
Live Nation Europe Concerts president John Reid felt that Live Nation is natural partners because they run a large number of “successful” EDM festivals like Electric Daisy Carnival, Hard Fest, Holy Ship! and Creamfields, globally. It also makes sense because many of their artistes are Swedish.
In connection with the acquisition, Live Nation and Stureplansgruppen will enter into a cooperation agreement with regards to food and beverage operations for certain Live Nation Sweden’s events.
