Electric Forest’s Future in Jeopardy, SFX Threatens To Buy Festival Grounds
EDM Goliath, SFX Entertainment is looking to add Electric Forest to it’s already massive conglomerate of purchased EDM promoters and festivals which has concert-goers fearing for the festival’s future. After separate failed attempts at purchasing both of EF’s organizers, Insomniac (organizer of Electronic Daisy Carnival) and Madison House Presents, SFX is now attempting to purchase the Double JJ Ranch, the grounds where the festival has been held for the past three years, and invalidate the promoter’s contracts for the event. This seems to be another power play by SFX Founder, Robert Sillerman as he has already been in the news for buying up many festival promoters including those responsible for organizing Tomorrowland, Sensation, and Electric Zoo.
Following last week’s allegations…
Following last week’s allegations from SFX minority share holders that Sillerman stole their strategic ideas which are the foundation of SFX’s business model and defrauded them for over $100 million worth of SFX shares, Sillerman’s antics and intentions have been in question. This has the 21,000+ fans who already purchased advanced tickets and countless others concerned that he may not seek to preserve the spirit of the festival. However, if you look at how he bought DayGlow as a regional paint party with iPod DJs and transformed it into Life In Color, a worldwide touring event with EDM heavy-hitters like Krewella and Sebastian Ingrosso, you could see how adding SFX’s resources could potentially propel the festival to new heights.
Regardless of SFSX’s intentions for Electric Forest, Insomniac representatives expressed confidence in the festival’s future, stating that “The 2014 show is still going on as planned…and we are extremely confident that the court will decide to allow the festival to move forward as planned.”
The dispute will continue in court on February 28th and we will keep you updated as the story develops.