The Wall Street Journal reports that Live Nation Entertainment inc, the largest ticket promotion company in the country, is in the middle of a deal to purchase 50% of Insomniac Events, the people who provide you with the Electric Daisy Music Festivals. Over the past year there has been a lot of bidding over Insomniac. SFX, who control small companies like Beatport and Tomorrowland, have offered around 100 million dollars for complete control and were denied.
It may come off as strange that such a successful touring festival would want to sell half of their company, but in reality the entertainment company is not profiting as much as they should for selling out almost every event due to the companies problems with drug-related crimes and fines. The company has also been accused of bribing venues to keep all this news from surfacing. The security and safety precautions would certainly increase dramatically by having Live Nation being a major partner in the company.
This partnership has had some mixed reviews by fans of the Electric Daisy Carnival for the belief that Insomniac is selling out to a major corporation and will become more commercialized and about making money rather than making a great experience. One of my favorite quotes from the article is "My passion is not selling tickets and making money. I want to create an experience," which was said by Pasquale Rotella, the creator of Insomniac Events. I guess in order to keep his dream alive to created an experience he needs the financial aid of a larger backer, so why not sell it to the largest backer in the game.
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