SFX Entertainment has made another move in its growth as the world's largest promoter of EDM-based live music, and this time its looking abroad. The company formally announced Tuesday that it had purchased i-Motion GMBH, the largest electronic music promoter in Germany.
"i-Motion is a key strategic acquisition for us, as it sits at the helm of dance music in Europe's biggest country and is a portal to the fast-growing EMC markets of Continental Europe," said Robert F.X. Sillerman, CEO of SFX.
I-Motion currently runs three of the largest EDM festivals in Europe: Nature One sells more than 100,000 tickets a year, Ruhr-in-Love sold 46,000 tickets in 2013, and Mayday, considered to be the first EDM festival in the history of the genre. Founded in 1991, the festival now hosts dates in Germany, Poland and Belarus. SFX also made a splash earlier in November with its purchase of New York promoter Made Event, the organizer of Electric Zoo among other events.
The company has seen mixed results since it went public a little more than a month ago. The initial public offering raised more than $260 million, at around $13 a share, before prices started to die down. Shares began the day (November 19) at $8.48 before dropping as low as $7.80. The purchase of Made Event caused a rise in sales however earlier in the month, and the i-Motion announcement might spur on a boost later in the day.
SFX will file its earnings on November 22.
