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Business News Live Business
Ingenious backs two new festivals
By CMU Editorial | Published on Monday 21 March 2011
Talking of investing in the festivals market, entertainment investment types Ingenious Ventures have announced they are investing £1.5 million into two new festivals.
As I’m sure we’ve mentioned previously, Ingenious have been dabbling in music-related investments for sometime. Initially they focused on investing directly into artist projects, but with mixed success. More recently they have moved very much into the festivals space, where success is seemingly much more assured. Ingenious are already investors in events like Creamfields and the Rewind, Underage and Field Day festivals.
The new festivals to have Ingenious backing are the previously reported We The People, a new event in Bristol, and a new bash in Brighton to be called the Shakedown Festival.
Ingenious Investment Director Paul Bedford told CMU: “At a time when the sales of recorded music have steadily declined, festivals and other live music events have consistently bucked the trend and flourished, making this sector of the entertainment business an excellent investment opportunity”.
Matt Priest, the former Radio 1 events man who is involved in both the new festivals, added: “We are extremely excited to be working on the UK’s two newest music festivals with Ingenious, as they bring not only essential funding to the project but also a wealth of experience through their partnerships with similar events such as Creamfields, Rewind, and Field Day festivals”.
