Totem OneLove Group, the company behind national electronic dance music festival Stereosonic, have reportedly gone into voluntary administration.
According to The Music the festival promoters, who are registered under the name SFX Totem, went into administration yesterday. Administrators have reportedly been appointed and staff at the company are expected to finish up by the end of the week at the very latest.
There’s been plenty of speculation surrounding the company after they cancelled this year’s Stereosonic festival as well as an Armin Van Burren tour which was meant to go down next month.
It was originally announced that Stereosonic would be taking “a hiatus” in 2016 and be back next year, but given this news it’s seemingly unlikely that the festival will return unless it’s taken on by new organisers.
SFX bought Stereosonic back in 2013 for $75 million, taking over from founders Richie McNeill and Frank Cotela. The US arm of the company filed for bankruptcy earlier this year and the Australia office was drastically downsized soon after.
McNeil has announced that he will launch two new events over the next year in Australia. The first will launch in December and a camping festival will follow soon after.