Media mogul Robert F. X. Sillerman is reportedly making a return to the live entertainment business -- this time with hopes of capitalizing on the latest electronic dance music trend.
Sillerman, who in the 1990s consolidated regional concert promoters into what eventually became Live Nation, plans to invest in numerous dance festivals, D.J. parties and other events, according to a report in the New York Times. His first acquisition is Disco Productions, a Louisiana-based company founded by rave promoter Donnie Estopinal.
Sillerman told the New York Times that he's in negotiations with up to 50 other companies and had tentative agreements with about 15 of them. Additionally, he reportedly intends to revive his previous company, SFX Entertainment, and spend $1 billion on acquisitions within a year, with intentions to take it public this summer.
"There's a wave of interest in attending concerts that have less to do with the specific music and more to do with the experience attached to the music," he told the New York Times. "Our thought is that the experience of attending an individual event can be perpetuated and made better by connecting the people, not just when they're consuming the entertainment but when they're away from it."
Although a corporate strategy is still being formulated for the new SFX Entertainment, Sillerman says he expects to give promoters control over how they run events.
"I'm confident we'll do an excellent job empowering these kids to be as good as they can be," Sillerman told the New York Times. "I'm also confident that we will create a better experience for the fans. Can we monetize that? If we can, this will dwarf the first SFX. That's the whole game."