Live Nation has acquired a majority stake in major Swedish EDM promoter Stureplansgruppen Live (SPG Live).
SPG operates one of the most popular festivals in the Nordic Region – Summerburst Festival in Stockholm and Gothenburg.
Over five successful years, Summerburst Festival has played host to artists such as Avicii, Axwell Λ Ingrosso and Afrojack.
SPG Live will also promote Swedish superstar DJ Alesso’s first arena show ever in Sweden, as he plays at Ericsson Globe on April 25.
Vimal Kovac, CEO, Stureplansgruppen said: “Stureplansgruppen’s investment in festivals and concerts have been great fun, successful and profitable.
“In five years, Summerburst Festival has established itself as the leading festival in Sweden, with over 100,000 visitors in 2014, and we already know that this year’s festival will beat all previous records.”
Anders Boström, festival general manager, SPG Live, said: “We are incredibly proud of what we have accomplished with SPG Live, and at the same time very happy and excited about what’s about to come.
“As part of Live Nation and its organization around production, marketing, PR, sponsorship and their long experience of big events, we will be able to lift our business another level while retaining what have made our festivals and concerts so great.”
John Reid, President, Live Nation Europe Concerts commented: “Since we own and operate a large number of big and successful EDM festivals globally — Electric Daisy Carnival, Hard Fest, Holy Ship! and Creamfields — it is both exciting and natural that we acquire SPG Live, especially given that many of the biggest artists in this segment internationally are from Sweden.”
James Barton, president, Live Nation Electronic Music, said: “As we continue to grow our electronic business globally,I am delighted that we are bringing SPG into the Live Nation family. I look forward to working closely with Anders Boström and Karl Ohlsén Pettersson as they look to develop our business in the region.”
In connection with the acquisition, Live Nation and Stureplansgruppen will enter into a cooperation agreement with regards to food and beverage operations for certain Live Nation Sweden’s events.Music Business Worldwide