There has been much talk lately about SFX Entertainment’s recent IPO, and a recent article in Forbes appears to denounce this move as the ultimate destruction of the scene. Established by Robert F.X Sillerman, SFX Entertainment has emerged as one of the electronic music industry’s biggest players, having accumulated several major event promoters, and being responsible for many massive American festivals (such as Tomorrowworld, and Mysteryland). SFX also bought Beatport (an online electronic music store) in February 2013.
Many people have expressed concern over electronic music culture going corporate, as they are worried that the art of electronic music may get sacrificed in favour of commercial success. The Forbes article suggests that the only solution at this point is to simply ‘move on’ to the next scene.
“The fact that SFX went public in the first place is much more important than where its stock price sits. Once big money enters the picture, the art suffers.
Some in the industry think that EDM has already peaked, and that a major player trying to monopolize the industry will just hasten its decent, spiraling up costs while homogenizing the product. Undoubtedly some will get rich along the way (a few of the bigger DJs are doing so already), but music consumers will most likely be poorer for it as a result.
But this is how the music business of the last 30 years has worked, so there’s no need to weep. It’s just time to move on to the next scene and enjoy its blissful innocence before the money finds it.”
Starting off at an initial offering of $13 per share, the stock has dropped over 16%, however Sillerman has expressed to Billboard that he’s not too concerned;
“My job is to do the best possible job to bring this music and cultural phenomenon to as broad [an audience] as effectively as possible — the stock price will take care of itself.”
Not surprisingly, Sillerman views the IPO as a positive opportunity for the expansion of electronic music culture, and was planning to use the money to obtain other significant electronic music events. In time, this could very well result in an increase in massive EDM events. It is undeniable that electronic music has become incredibly commercialized, and it is clear that the scene will inevitably undergo several positive, and negative changes in the near future.
Read the full Forbes article here.
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