SFX expands into Southeast Asian market, acquires 100-percent of Totem One Love Group
Early this morning, and just five days after announcing the acquisition of Arc90, Tunezy, and Fame House, SFX Entertainment‘s latest buyout of Totem OneLove Group has been publicized. Totem OneLove Group is the promoter and producer of Australia’s most prominent electronic music festival, Stereosonic.
Since 2007, Stereosonic established itself as Australia’s fastest-growing event, and this year, the touring festival is set to visit Sydney, Brisbane, Perth, Melbourne, and Adelaide. One notable upgrade to 2013’s Stereosonic is that the festival has been extended to two days as opposed to just one, due to popular demand. In 2012, ticket sales were 194,000 and currently, 280,000 tickets have been sold for the 2013 shows. There are still three weeks of sales remaining.
The acquisition of Totem OneLove Group is strategic in that it allows Robert Sillerman, Chairman and CEO of SFX, to transition more easily into the Southeast Asian market. The promoter is highly experienced, having spent the last 25 years producing events for audiences ranging from 500 to 70,000 in number, in addition to arranging tours for leading dance music artists. It’s no surprise that Sillerman strives to become the most powerful man in the dance music community, and with ID&T also under his wing, he is well on his way to becoming such an individual.
Via: WSJ
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