Live Nation To Purchase 50% of Insomniac Events

After many rumors of a bidding war between Live Nation, SFX and a few other companies, it’s now confirmed that Live Nation will be buying 50% of Insomniac for a cool $50 million.

Insomniac will be joining Gary Richards’ HARD Events, Cream, and Creamfields under the Live Nation umbrella once the deal is finalized.

Via: The Wall Street Journal 

Is It The End For IDentity Festival?

Last week, rumors began circulating after a flyer with Identity Festival’s 2013 line-up began floating around various social media sites. Turns out, not only is the line-up fake, but ID Fest will more than likely not be returning to the US this year after all.

Identity Festival hit the states back in 2011 and was known as the first touring festival that featured only electronic music. The tour hit over 19 cities in its first year and featured headliners such as Kaskade, Pretty Lights, Rusko, Avicii, Steve Aoki, among others. Then, in 2012, ID stopped in 15 cities and brought artists such as Arty, Bingo Players, Eric Prydz, Excision, Hardwell, and more.

While many were hoping for yet another year of the touring festival, it seems as though Identity has reached its end. While there hasn’t been an official statement regarding the festival’s demise, Neha Modi, manager of the festival’s Twitter account and digital director for Synergy Global Entertainment, had this to say on her own personal Twitter:

identity-neha-1

The festival’s bio said the following: “OFFICIAL Twitter of IDENTITY, which was the first ever touring electronic only festival from 2011-12. Account was managed by @nehamodi.” As you can see, the bio is written in past tense, which doesn’t look good for ID’s future. Also, both the festival’s Twitter and Facebook accounts have had no activity since December. Modi later told her followers that “whatever you read, it’s not true,” meaning that any so-called “leaked line-ups” are not to be taken seriously.  Other people, like Jonah Berry of Infamour PR, have also chimed in on the matter saying that they have yet to hear anything about the festival’s return.

With all this being said, and the fact that at this time last year tickets were already on sale, I think it’s safe to say that Identity Festival is over for good.
-Kochie

Has Live Nation Entertainment acquired Insomniac Events?

Electronic dance music has become a lucrative industry so it is no surprise that major corporations are now wanting a piece of the EDM pie. Last month, reports surfaced that companies like Live Nation Entertainment, SFX Entertainment, AEG Live and Red Light Management, were all bidding to buy anywhere from 50-100% of EDM giant, Insomniac Events. Sources are now claiming that Live Nation Entertainment may have actually acquired 51% ownership of Insomniac.

Insomniac Events, was founded 20 years ago by Pasquale Rotella, and is now reportedly valued somewhere between $70- $100 million. The company sold more than one million tickets last year to various events and their largest event, Electric Daisy Carnival in Las Vegas, had more than 300,000 people in attendance during the three-day festival.

The possible sale of Insomniac will be the latest notch on Live Nation’s bedpost, which currently also includes Los Angeles Based Hard Events, and British promoter Cream Holdings, the promoter behind Creamfields, both of which were bought in 2012. Earlier this year, Live Nation also signed a 25-year contract with San Manuel Amphitheater to hold EDM events at the venue. Conveniently, Insomniac’s Beyond Wonderland festival, which was previously held at the National Orange Show in San Bernardino, will be held at San Manuel Amphitheater on March 16th.

Pasquale Rotella has spoken out against corporate deals in the past, including during a panel discussion at the EDMbiz Conference last June.

Representatives from the companies have yet to comment on the matter.