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Universal Music India Pvt Ltd, a subsidiary of the world’s largest music label Universal Music Group, has entered the festival business space by acquiring 50 per cent stake in Enchanted Valley Carnival (EVC) for an undisclosed amount.
Universal and EVC’s parent company Twisted Entertainment, have formed a 50:50 joint venture to scale up the large format experiential music festival.
In 2013, Twisted Entertainment launched Enchanted Valley Carnival (EVC), an experiential music festival that combines performances, picturesque locale, adventure sports and a camping experience.
The event is held in Amby Valley every December. Universal now plans to add another vertical to this by rolling out a camp-out music festival in the country.
Devraj Sanyal, MD and CEO-South Asia, Universal Music Group, told BusinessLine , “We wanted to cover all genres in music be it digital, large format events or music labels. We are primarily a music label entering the festival business”.
Universal Music Group is home to record labels such as A&M Records, Blue Note Records, Capitol Records, MCA Nashville, Mercury Records, Motown Records, Polydor Records, Republic Records, Universal Music Latino, Verve Music Group, Virgin Records and Virgin EMI Records.
Sanyal said EVC will bring international artistes like Tiesto and Fatboy Slim among others.
He said the company also plans to take the property to the international markets such as Indonesia, the US and the UAE. “We may look at introducing sufi music festival, fusion and indie-pop, among others, in international locations”. Sanyal said that the live music gig market is estimated at ₹400-500 crore and growing at a CAGR of 35 per cent largely due to a young audience. Industry watchers estimate the market to grow to ₹1,000 crore by 2017.
An estimated 100,000 people attend live music events in India.
Asked about the revenue streams, he said besides ticketing and sponsorships, food and beverages will be major contributors.
Sanyal said the tickets for the event will priced from ₹6,000 onwards. He said long-term sponsorship deals have been signed with Bacardi and Saavn.
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