As Investors Offer Millions, Can Electronic Dance Music Survive A Corporate Takeover?
Investors Robert Sillerman and Ron Burkle have are among those being being those mentioned as potential investors looking to buy into the burgeoning electronic dance music, or EDM business. EDM has become extremely popular in recent years, with huge festivals selling out in minutes and high profile artists like Tiesto and Deadmau5 commanding fees of more than $1 million.
Sillerman famously helped to transform the music industry in the late 1990s when his company SFX rolled up regional promoters across the U.S. to form the nucleus that would become Live Nation. Burkle, a billionaire supermarket mogul made an unsuccessful bid to buy Warner Music last year.
While Sillerman declined to comment, the New York Times reports that offers of as much as $60 million have been made to leading EDM promoters such as Insomniac, the company that produces the hugely successful Electric Daisy festivals.
Other potential investors mentioned included Live Nation and AEG Live. via CelebrityAccess