Universal Music, the world’s largest music corporation, has acquired a 50% stake in Enchanted Valley Carnival. The move comes as Universal Music bids to expand its reach to music festivals.
Following the acquisition, the festival will be operated as a joint venture between Universal Music Group and Twisted Entertainment, the founding company of EVC.
Speaking about the joint venture, Devraj Sanyal, CEO and managing director of Universal Music Group, South Asia said:
We don’t believe music can only be heard. It can be experienced, too. Today, people might not pay to buy CDs or music on digital but they are willing to pay for a good experience and music. It also bodes well for us from a portfolio point of view, since apart from the core business of music, we have non-core business like music merchandising and branded content and live events. This will add another dimension to our non-core businesses.”
EVC have already announced the headliners for the 2015 edition, with legends Tiesto and Fatboy Slim headlining, along with Ferry Corsten, who will be curating the first even Full On stage in India.
Source: Business Standard
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