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Los Angeles-based , Superstruct Entertainment has acquired Dutch electronic music event promoter ID & T from investor Axar Capital .
Headed by CEO James Barton , the founder of UK club and festival brands Cream and Creamfields ( cap . 70,000 ), Providence Equity-owned Superstruct owns and operates more than 30 large-scale festivals and live music events globally . They include the UK ’ s Victorious Festival ( 100,000 ), South West Four ( 20,000 ), Kendal Calling ( 25,000 ), Truck ( 10,000 ), Tramlines ( 40,000 ) and Boardmasters ( 50,000 .
ID & T ’ s festivals portfolio includes dance music event Mysteryland ( cap . 60,000 ), Awakenings ( 70,000 ) and Amsterdam Open Air ( 20,000 ). The company ’ s interests also include artist management company Headliner Entertainment and agencies the Platinum Agency and Most Wanted DJ-Agency . The deal is reportedly valued at between $ 150 and $ 200 million .
Government ’ s live events reinsurance scheme goes live
Electric Group to refurbish and rebrand former O2 Newcastle Academy
Independent venue owner and operator Electric Group ( EG ) said it will spend £ 1.5 million overhauling the former O2 Newcastle Academy ( cap . 2,050 ) ahead of its reopening as NX in October 2022 .
Designed by architect Stuart Trett at Design At Source , in collaboration with EG CEO Dominic Madden , the plans for NX ’ s main room include creating a “ more intimate gig experience ” with the introduction of mezzanine platforms and staircases , four new bars , and access to a contained roof terrace . Work is scheduled to begin in March next year .
EG said sight lines for music fans will be improved to bring them closer to the NX ’ s main room stage , while the design and build will respect the architectural grandeur and heritage of the existing venue .
On 22 September the Government announcement its the long-awaited Live Events Reinsurance Scheme had commenced .
The initiative was first announced on 4 August and led to the chancellor of the exchequer Rishi Sunak sending a message of support to Access All Areas ’ readers .
The £ 800 million scheme offers cost indemnification if an event has to be cancelled , postponed , relocated or abandoned due to new UK Civil Authority restrictions in response to Covid-19 . It will run to 30 September 2022 with a review point in spring next year .
The Government said it had partnered with Lloyd ’ s Market Association to deliver the scheme . It will see the Government act as a reinsurer – stepping in with a guarantee to make sure insurers can offer the products events companies need . Insurers Munich Re , Beazley , Arch , Dale , and Ark are carriers of the scheme with more firms expended to join .
The scheme has been welcomed by the events industry , despite it not covering against a festival needing to reduce capacity or cancel due to social distancing restrictions being reintroduced .
LIVE CEO Greg Parmley said , “ While there are still gaps in the cover available , such as for an artist withdrawal due to catching Covid or enforced social distancing , this is an important and valuable step in the right direction and provides additional security as we head into autumn and winter .”
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