Published
Thu, Aug 18, 2022, 13:50
- As part of the deal, two senior Live Nation UK employees joined the festival's board of directors in July.
Long-running UK festival Boomtown Fair has sold a 45 percent stake of the company to major music promoters Live Nation (18 percent), Gaiety (18 percent) and SJM (9 percent), IQ Magazine reports.
In a statement, Boomtown Fair founders Luke Mitchell and Christopher Rutherford said the Covid-19 pandemic forced them "to adapt and be agile" in order to survive in the industry.
"This decision will not only allow Boomtown to continue its vision to be one of the most exciting festivals in the world, but it will also ensure the flexibility to continue to uphold independence on all decisions around business and creativity," the statement said.
Rutherford added: "We're excited by the possibilities of this move, for us it's business as usual, we still hold the keys, we're still running the show. We just have the safety of knowing there is now group support to help us pull through the tail end of these tricky years and provide stability for the future."
As part of the deal, two senior Live Nation UK employees—UK & Ireland chair Denis Desmond and COO Stuart Douglas—joined as directors of both Boomtown Festival UK Ltd and its parent company, Circus of Boom Ltd, on July 6th, according to Companies House.
Desmond currently sits on the board of numerous music businesses, including The Warehouse Project, Afro Nation and Isle Of Wight Festival. He also owns Gaiety Investments, the company with another 18 percent stake in Boomtown Fair. The final stakeholder, SJM Concerts, promotes more than 2,000 shows in the UK a year, according to its website.
Live Nation Entertainment, considered the largest music promoter in the world, has repeatedly been accused of dominating the market. Earlier this year, the company—which encompasses Live Nation and Ticketmaster—was sued in the US over "predatory" practices, Billboard reports.
Launched in 2009, Boomtown Fair celebrated its first edition since 2019 last weekend, after cancelling two events in a row due to the pandemic. 70,000-plus people raved to sets by the likes of SHERELLE, Fabio & Grooverider and Four Tet.