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Large Potential Exists for SFXE in EDM Space, Results to Follow

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Large Potential Exists for SFXE in EDM Space, Results to Follow INITIAL REPORT Reverdy Johnson, [email protected] Large Potential Exists for SFXE in EDM Space, Results to Follow Companies: BUD, FB, GOOG, LYV, MSFT, SFXE, TWTR January 22, 2014 Research Question: Will consumer brands find SFX Entertainment’s collection of electronic dance music festivals compelling enough to become significant sponsorship partners? Silo Summaries Summary of Findings 1) Ad Agencies . Thirteen of 15 sources said electronic dance music (EDM) is Five of six sources said EDM festivals scene have room for becoming mainstream, has significant room for growth in the growth and will become an even more attractive United States and worldwide, and is an attractive method for sponsorship opportunity for global consumer brands. EDM consumer brands to reach all-important ever-elusive is quickly becoming mainstream and festivals are the new millennials. music genre, especially for the millennials that brands are so determined to reach. Social and streaming networks . Brand sponsorship opportunities hold vast potential, with have a significant reach for this audience, as pre- and Google Inc.’s (GOOG) Motorola and Anheuser-Busch InBev post-festival productions become destinations for viewers (BUD) recently inking deals. Samsung Electronics Co. Ltd. and and sponsorship dollars. Three sources said revenue for these festivals is increasing year to year. Two others said Microsoft Corp. (MSFT) are sponsorship targets and could global brands are traditionally conservative and deliberate bring significant revenue to the EDM space. in their decision-making process, especially when . Electronic cigarette, gaming, and non-alcoholic beverage considering an untested space which lacks proof of companies are expected newcomers to EDM in 2014, while concept and sophisticated metrics. Two sources estimated sponsorship revenue per attendee at $1 to $2 per auto, beer, spirit, and consumer electronics brands will expand sponsor. Sources suggest $100 million in sponsorship their presence. revenue is a reasonable expectation in the next one to two . Streaming is an untapped sponsorship opportunity. Telecom years. companies could compete for exclusive streaming rights, 2) Festival Promoters reaching millennials through the methods they use and prefer All five sources said EDM is becoming mainstream. most. Festivals are the best place to reach coveted millennials, . Three sources estimated sponsorship revenue per attendee is opening up potential for brand sponsorships. Sources were split, however, over the current growth of between $1 and $2 per major sponsor. Others said sponsorships. Three said sponsors were on board with sponsorship deals being discussed are in the $5 to $15 EDM festivals, while two others said deals were more million range. difficult to secure. Sources highlighted electronic cigarettes and gaming as potential sponsors in 2014, . SFX Entertainment Inc.’s (SFXE) aggregation of festivals gives while bigger names like AT&T and Verizon are likely to be it size and reach necessary to attract big brands, while also more cautious due to safety and liability concerns. Live bringing polish to EDM festivals. Sponsorship revenue of $100 streaming was mentioned as an important growth aspect million is realistic in the next year or two. for these festivals. Sources estimated sponsorship . revenue per attendee in the $1-$2 range per sponsor. Two The lack of sophisticated metrics has caused some hesitation sources believe SFX can reach $100 sponsorship revenue by sponsors. Ad agencies and brands are uncertain how best levels, while one is more skeptical. to measure the success of a campaign, slowing some brands from engaging in EDM sponsorships. 3) Industry Specialists . Three of four sources said the growth potential for EDM SFX’s reliance on EDM may limit its overall reach. Millennials festivals is significant, and brands increasingly are are more attracted to the festival experience than the music, interested in sponsoring the events as a way to reach making festivals like Coachella and Bonnaroo—which offer a millennials. EDM is attracting more mainstream brands variety of musical genres—potentially more appealing and and looks to add non-alcoholic beverage companies and longer-lasting. telecoms this year. Sources estimate total brand sponsorship levels in the $5 to $15 million range, though . Nine sources cited safety concerns and the drug culture typical one source refutes suggestions of $50 million in at these festivals as considerations that factor into their sponsorships for a single event. Another source said sponsorship decision making process. festivals have a production budget of $30 million, showing the resources available as well as the importance placed on communicating the lifestyle, experience and image of these events. 1 1 Ferry Building, Suite 255, San Francisco, CA 94111 | www.blueshiftideas.com SFX Entertainment EDM Festivals Sponsorships SFXE Ad Agencies Festival Promoters Industry Specialists Background SFX, the producer of EDM festivals like Tomorrowland and TomorrowWorld, has capitalized on the growing popularity of the genre, estimated to be a $4.5 billion industry worldwide. Aiding this attendance boom is the use of social media, through which fans can engage with the festivals and its artists, buy tickets and relive the live experience through official event after- movies. Ticket sales through social media for EDM events are six times higher than traditional events, and the official Tomorrowland 2013 after-movie received over 30 million views on YouTube in less than three months. SFX has been on an acquisition spree, buying festival producers and other music-associated companies in an effort to enhance its presence in the worldwide EDM festival space. Acquisitions include a 50% stake in one of the world’s largest festivals, Rock in Rio; a 75% stake in European ticket company Paylogic; 100% of Australian EDM festival producer Totem; and 100% of Made Event, which produces New York’s largest EDM festival, Electric Zoo. In addition to consolidating the largest EDM festival operators, the acquisitions increase opportunities for major sponsorship deals, expand the number of festival locales (including in the U.S.), and lengthen the duration of the events. SFX ENTERTAINMENT is in discussion with global consumer brands to become event sponsors, given that the bulk of its revenue currently comes from ticket sales and concession fees. Household brand names like Anheuser-Busch (BUD) and Samsung are getting on board with the EDM scene and SFX Entertainment. Sponsors find the sustained messaging opportunities and the dedicated following of the after-movies on YouTube, Facebook (FB) and Twitter (TWTR) attractive, though sponsorship levels pale in comparison to more mainstream events like Lollapalooza and Coachella. There also is concern over drug-related deaths that have marred the festivals, causing early cancellations of shows and bringing bad press to its sponsors. Current Research In this initial study, Blueshift Research assessed whether consumer brands find SFX Entertainment’s collection of electronic dance music festivals compelling enough to become significant sponsorship partners. We employed our pattern mining approach to establish and interview sources in four independent silos: 1) Ad Agencies (6) 2) Festival Promoters (5) 3) Industry Specialists (4) 4) Secondary sources (5) We interviewed 15 primary sources and identified five of the most relevant secondary sources showing SFX Entertainment landing major sponsorships and the variety of sponsors for EDM festivals targeting millennials. 2 1 Ferry Building, Suite 255, San Francisco, CA 94111 | www.blueshiftideas.com SFX Entertainment Next Steps Blueshift’s next report on EDM and SFX will include a look at the potential for after-movie and/or live stream sponsorships, growth in China, and whether EDM might lose some followers if it becomes too mainstream. We will assess whether SFX is keeping management in place for the festivals it acquires or bringing in new management and determine whether it can maintain its loyal following if it changes management teams. We will continue to pursue marketing executives at global brands, and will revisit current sources for updates on the sponsorship environment for the industry and for SFX in particular. Lastly, we will look into the role Beatport plays for SFX and its role in helping secure sponsorships and additional revenue. Silos 1) Ad Agencies Five of six sources said the EDM festival scene has tremendous room for growth and will become an even more attractive sponsorship opportunity for global consumer brands. EDM is quickly becoming mainstream and festivals are the new music genre, especially for the millennials that brands are so determined to reach. Because this demographic is more likely to access content online, social and streaming networks have a significantly better reach, bringing YouTube, Twitter, Facebook, and other social media into play as pre- and post-festival destinations for viewers and sponsorship dollars. Three sources said revenue for these festivals is increasing year to year. Two others said global brands are slow to fully embrace EDM as a platform, as they are traditionally conservative and deliberate in their decision-making process, especially when considering an untested space which lacks proof of concept and sophisticated metrics. Two sources estimated sponsorship revenue per attendee at $1 to $2 per sponsor. Sources agree SFX has the ability to lure large sponsors and high dollars, suggesting
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