After recent Beatport buyout, SFX acquires ID&T, producer of Tomorrowland and Sensation brands
Yesterday we received official confirmation that Tommrowland is expanding in the United States under the name TomorrowWorld which will take place in Atlanta, Georgia September 27-29th. Today, we hear news that SFX Entertainment has officially acquired ID&T, the producer of Tomorrowland as well as the Sensation and Mysteryland brands. The deal supersedes their original North America-only joint venture, announced last month.
SFX acquired 75% of the company, valued at approximately $136 million. ID&T is based in Amsterdam as a privately held company which has produced events in Europe and around the world for more than 20 years. Robert F.X. Sillerman, Chairman and CEO of SFX Entertainment, also the man responsible for recent Beatport acquisition, is at the forefront of the deal.
“This is a hugely significant and strategically important acquisition for SFX. With ID&T, SFX has an immediate global footprint in more than 20 markets worldwide. ID&T productions are known for being of the highest quality and for producing maximum entertainment for their fans. Their exceptional team has developed amazing dance music brands with tremendous global reach.”
Duncan Stutterheim, CEO of ID&T, said, “We welcome becoming part of the SFX family, where we will be at the heart of the most important platform in the space. Having watched the dance music scene grow over the last 20 years, we are excited that it’s now becoming a truly global phenomenon. The cooperation with SFX in our North American joint venture works perfectly. With this extended deal, we hope to take the ID&T brands we have launched to new global heights.”
In addition to Beatport, Sillerman has purchased a line of Miami nightclubs as well as several festival and live-event companies. SFX also announced this past week an investment from advertising heavyweight WPP, estimated at $10 million. He plans to hold ID&T events in Brazil, South Africa, and perhaps Kenya and Asia. Sillerman was quoted in an interview stating:
“There was hesitation in the beginning, of course,” he said. “But for me the big change was when the agents came in with the big D.J.’s, the big, top-dollar stars that changed the game. Now it’s just the professional entertainment industry. I’m seeing possibilities, and I don’t have any hesitance now. That’s the way it’s going, so, O.K., let’s go that way.”
What does this mean? Dance music is continuing to grow at rapid speed and with mass popularity, inevitably comes mass investment. It can be perceived in a positive or negative way depending on how you view corporate participation. All we know for certain is at this point, there is nothing that can be done to stop it –unless you happen to be a billionaire.
via: New York Times
Categories: News