EDM Receives a $1 Billion Investment

posted in: Music News • Pop

Media mogul Robert F.X. Silverman is banking on the future popularity of electronic music in the US. Sillerman has personally reshaped the music industry in the past; his company SFX Broadcasting, founded in 1992, would eventually grow into the concert promotion giant Live Nation, Inc. Yesterday The New York Times reported that Sillerman was returning to the concert business after an absence with the re-establishment of the SFX Entertainment brand and an attempt to break into the world of EDM.

Sillerman’s business strategy for SFX Entertainment aims to bring electronic event producers under the SFX umbrella. Sillerman also stressed that he would want business as usual to continue to with any companies that become part of the SFX Entertainment family. With Disco Productions in Louisiana becoming the first company to sign on with the new venture, Sillerman claims to have up to 50 other arrangements in the works, with a planned $1 billion in acquisitions during SFX’s first year of business.

The news helps to cement EDM’s place in the pop music landscape. Dance music has grown more popular in the US at an unbelievably fast rate. The global EDM industry is now generating $4 billion in revenue annually and EDM was the largest growing mainstream genre in terms of album sales in the US for 2011.