Tech Firm Softbank Group Makes $250 million investment into agency powerhouse WME IMG
Sign up for IQ Index
The latest industry news to your inbox.
James Barton-led Superstruct Entertainment continues its European festival roll-up by agreeing an investment deal with one of Norway's leading music events
By Jon Chapple on 08 Aug 2018
Øyafestivalen, one of the biggest festivals in Norway, has entered into an investment agreement with Superstruct Entertainment, adding a fourth festival brand to Superstruct’s expanding roster of European events.
The deal is the latest development in what has been a busy year for Superstruct – led by CEO James Barton, the founder of Creamfields and former president of electronic music at Live Nation – following May’s acquisition of Sónar festival in Barcelona, February’s investment in Spanish promoter Elrow and the acquisition in January of a majority stake in Sziget.
The company is backed by private-equity firm Providence Equity Partners, and describes its mission as “building a group of leading music festivals in Europe and other parts of the world with the same level of quality and unique position in their home market” as Øyafestivalen, Sónar and others.
Øyafestivalen (60,000-daily cap.), founded in 1999, is held annually in Tøyen Park in Oslo. This year’s edition, which is taking place now (from 7 to 11 August), sold out in advance, with a line-up featuring acts including Kendrick Lamar, Arctic Monkeys, Arcade Fire, Lykki Li, Fever Ray, Patti Smith and Charlotte Gainsbourg.
“This partnership is about the festival becoming part of a larger group with common interests”
As part of the deal with Providence, the festival’s senior leadership will join Superstruct’s management team.
“We are happy to have been given the opportunity to become investors in Superstruct and join forces with them at this stage of their expansion, and are confident that our new position will allow us to promote Norwegian music through channels we would otherwise not have had access to while also boosting Oslo as a festival city,” says Claes Olsen, Øyafestivalen’s booking manager.
“This partnership is about the festival becoming part of a larger group with common interests. However, our festival will continue to be run by the same management, it will maintain the profile that our audience knows and loves and Øyafestivalen AS will remain a Norwegian company based in Oslo. Additionally, as part of this agreement, our award-winning environmental work will become international.”
Barton adds: “We are delighted to be partnering with Øyafestivalen, one of Europe’s leading urban festivals and the leading festival in Norway. We look forward to welcoming their senior leaders to our management team and continuing to promote outstanding live music events.”
Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.