As electronic dance music (EDM) continues to grow in prevalence, it continues to attract the attention of investors and major concert promoters looking to cash in.
Robert Sillerman (the man who launched the concert company SFX, which went on to become Live Nation) has said that his revived SFX company is looking to spend upwards to One billion on acquisitions within a year. Sillerman has even reportedly offered $60 million to Insomniac alone, the company that produces the massive Electric Daisy Carnival (EDC). Having already acquired Disco Productions earlier this month and Cream Holdings LTD in May, today marks another milestone for Sillerman and Live Nation – the acquisition of HARD Events.
Live Nation Entertainment, Inc. (NYSE: LYV) today announced the acquisition of leading electronic music concert promoter and festival operator HARD Events. Since its creation in 2007, founder Gary Richards and his team have attracted a variety of today’s top acts to headline their shows from Justice, Skrillex, Boys Noize, and Crystal Castles to some of today’s newest cutting-edge electronic artists like Major Lazer, Knife Party and Gesaffelstein. Mr. Richards will continue to run HARD Events and report to James Barton, President of Live Nation Electronic Music.
“Live Nation is committed to empowering the electronic dance space with resources and a network of some of the best talent in the industry. Hard Events joins a portfolio of electronic dance music and festival promoters and creators including Cream Holdings. We welcome Gary Richards and his team, and look forward to helping him continue to expand the reach of this dynamic genre for fans and artists alike,” said Michael Rapino, President and Chief Executive Officer of Live Nation.
“Live Nation has put together a team unmatched in the industry and I am pleased to be joining as its most recent addition. I have known James Barton over the years and respect what he has built with the Cream brand. We look forward to working hand in hand with James and developing many opportunities to grow the electronic music platform on a global level,” stated Gary Richards, Founder and Chief Executive Officer of HARD Events.
HARD Events is a well-respected brand with two hit festivals featured in the Los Angeles area, HARD Summer Music Festival and HARD Haunted Mansion. HARD Summer has expanded to a two-day festival in this year and will be held on August 3-4 at the Los Angeles State Historic Park. In 2011, as just a one-day event, the festival drew over 30,000 fans. HARD Haunted Mansion will be in Los Angeles in late October and historically draws 20,000 attendees.