One of Australia’s fastest growing music festivals, Stereosonic will now operate under the umbrella company of international festival juggernaut Live Nation, as Stoney Roads discovered.
According to Stoneyroads, reports have been confirmed by numerous sources that Live Nation acquired the Australian event from TotemOnelove, though reports on how much the festival was bought for vary, with some saying $10mil, and others saying up to $40mil.
Update 7:07pm: A rep for Stereosonic has contacted Music Feeds stating the story posted on Stoneyroads.com “is 100% incorrect information”. We are waiting for an official statement. Stoneyroads has since removed the story.
Live Nation is becoming more and more of a threat to other companies. With one of the highest purchasing powers in the biz, they appear to be on the path of world domination, with the initial signs of a monopoly forming, and hey, it’s practically a duopoly now between them and A.E.G Live. While it doesn’t sound like such a big deal, it could be damaging for the local festival industry with companies such as Future simply unable to compete with the coffers now available to Stereo, who could very well book up all the good talent.
In other Stereo news, the official lineup for the next instalment has been announced, which you can check out over here.
Stereosonic 2012 Dates
Saturday, 24th November – Sydney
Sunday, 25th November – Perth
Saturday, 1st December – Melbourne
Saturday, 1st December – Adelaide
Sunday, 2nd December – Brisbane