Live Nation Expands Their Stake in EDM After Acquisition of Swedish Promoter SPG Live
Live Nation Entertainment may have reported losses to shareholders upwards of $186 million in 2013, but acquisitions and increased demand for live music has resulted in continued revenue growth for the promotion giant. The company already holds stakes in Insomniac (promoters of Electric Daisy Carnival) and HARD Presents (promoters of HARD Summer and Holy Ship!), two of the biggest festival production companies in North America. Now, the powerhouse production company setting its sights on important EDM space abroad with a major stake in the Swedish company, Stureplansgruppen, or better known as SPG, the promoters of the Summerburst Festival.
With this acquisition, Live Nation’s EDM segment grows to a global scale while solidifying the company's hold in the Nordic region of the market. Summerburst Festival is one of Sweden’s most iconic dance music festivals. The 2015 festival lineup includes headliners Avicii, Afrojack, and Axwell /\ Ingrosso. SPG has also blueprinted a plan for Alesso’s first arena show in Sweden.
SPG Live festival general manager Anders Boström spoke about the acquisition saying, “As part of Live Nation and its organization 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.”
Cover Photo Credit: dvrcty.com