With 2013 Amsterdam Dance Event (ADE) well underway and the world's biggest DJs and industry moguls, as well as tens of thousands of music fans, all converging on the Dutch city, Amsterdam certainly was the place to be this week if you were a lover of all things dance music related.
And as the world's press filled rooms and halls all over the city for whatever label, company, artist or promoter was holding a panel there, it would be an announcement made on Thursday that would be the talk of the event. During a Q&A with SFX Head of Acquisitions, Shelly Finkel and ID&T CEO/founder Duncan Stutterheim, it was revealed that 100% full ownership of the Dutch company -- who are behind Tomorrowworld, Tomorrowland, Sensation and many more events -- has been passed over to the SFX. No figure was mentioned for the sale, but you can bet it was WAY up there.
Speaking of the deal, Stutterheim said, “We finalized the deal an hour ago. Instead of the previous 75-percent, ID&T is now going to be 100-percent owned by SFX. Now it’s very clear, I work for SFX. I will be working at head office in Europe, and we’re going to create still the same shows. But from this point, ID&T and SFX will be together."
This is quite a contrast from last years ADE, where, according to Stutterheim, an unnamed American offered him an obscure amount of money and he knocked it back. Speaking last year of the offer, he said, “A few months ago, suddenly someone from America wanted to give us a hundred million dollars,” He went on to say,“The choice was very difficult. But we didn’t do it.” What a difference a year makes.
On Thursday’s Q&A panel, Stutterheim shared a few details about how he was convinced to join SFX. “We had worked together in the U.S.,” he said. “But at that point we really believed that we wanted to be a Dutch company creating shows, and we believed we had a strong market across a number of countries, but sometimes the idea needs to incubate.”
“As we continued to work together, at some point a list came up of the possibilities of what could be done if we sold the company. TomorrowWorld was an example of that; the festival cost 16 million dollars to put up. Those are amounts of money that we just don’t have. We are a big company, but we can’t invest that kind of money. So it was an opportunity for the company to grow.”So there you have it. SFX now own 100% of ID&T, as their global domination of the dance music industry moves full steam ahead.