Jun
20

Live Nation Takes Stake in Insomniac Events, Partnership Confirmed

By Caroline  //  Massives, News  //  No Comments

Owner and founder of Insomniac Events, Pasquale Rotella took to Twitter and Instagram this morning to announce officially to fans that Live Nation has purchased a large stake in the production company. Rotella confirmed the deal between the two entertainment companies while he had the floor at one of this week’s EDM Biz conference panels in Las Vegas. During a discussion about the future of dance music festivals, the EDC founder was asked if independent promoters would be able to stay viable with corporate sponsorship interest peaking. His surprising response was followed up with a well-prepared assertion of the business decision on Insomniac’s website.

 

In the statement, the dance music maven assures that “the Insomniac team will maintain complete creative control of all events, just as we always have, only now we will all enjoy access to a much larger and diverse variety of venues and resources.” Rotella also promises event prices will stay reasonable and that events will continue to deliver “more than advertised.”

No specific monetary details have been released, however it is popular public knowledge that SFX Entertainment recently purchased Beatport for about $50 million, as well as acquired majority stake in Tomorrowland’s mother company ID&T – a deal that is said to be worth $136 million. The Insomniac+Live Nation partnership is estimated to be floating around $50-80 million mark.

For Pasquale, the move is an investment for the long-term life of his once tiny company fueled only by his own stellar imagination and love of dance music. Along with this year’s expansion of the EDC brand to Chicago and London, the partnership further solidifies Insomniac’s stake in the future of colossal-scale festivals.

This weekend (June 21-23) marks the third EDC to be held at the Las Vegas Motor Speedway. The event for 345,000 fans, has sold out.

   

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