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Business News Deals Media
EDM Magazine sells for $2.5 million
By Andy Malt | Published on Friday 6 October 2017
US dance music title EDM Magazine has been acquired by EDMtv founder Matt Bolton for $2.5 million, with plans to turn it into an “industry-specific trade” mag. I think someone missed a memo about the state of the music media, but well done everyone anyway.
The magazine is set to be relaunched as Electronic Dance Magazine next month, with former DJ Mag Editor Lesley Wright in charge.
“In line with our editorial vision to cover dance music differently, the magazine will be completely redesigned to create a dance music publication like no other”, says Wright. “We’re extremely lucky to be working with the amazingly talented designer Sara Raffaghello, former Creative Director at Motivate Publishing, on the redesign. With its exciting new editorial and creative direction, I can’t wait to unleash the first new-look issue in late November. Prepare to be surprised”.
I’m already surprised. Bolton adds: “Our intention with the magazine is to be an expert source for those who want substance, not fluff. We will be diligent and purposeful in our coverage and are committed to reporting on all facets of the electronic music culture; the good, the bad and the sometimes, ugly. The magazine will be further defined by well researched business news and topical columns written by experts in their respective fields so that we educate as well as entertain”.
On the new Editor-In-Chief, he adds: “I know that with Lesley’s unparalleled talent, passion and editorial punch that Electronic Dance Magazine will become the very standard by which all others are measured. We are incredibly privileged to have her and excited to share this vision with our dance music community”.
As for why he has decided to sell the magazine he’s spent a decade building, founder Yoel Barrios, who will stay on as the magazine’s publisher, explains: “Quite frankly, I never considered selling [until] two years ago [when] I started dealing with some serious medical issues and I saw the company I love and worked so hard to build take a devastating financial hit due to my absence. After a little over a year, I had no choice but to shut down distribution. When Matt reached out and expressed interest in purchasing the company, I just could not ignore the possibility of someone resuscitating my life’s work”.
So confident in the success of the resuscitation is Bolton that he’s also committed to donate a portion of the magazine’s profits the Association For Electronic Music trade body. AFEM members will also contribute content to the magazine.
