U.K.-based media investment and advisory group firm Ingenious has re-upped its long-term relationship with British dance music empire Cream.
Through the new agreement, which builds on an association dating back to 2001, the Ingenious Live Venture Capitalist Trusts will co-promote the second day of the Creamfields dance festival, which will be held Aug. 23-24 in Daresbury, Cheshire.
Creamfields, which celebrates its 10th anniversary this year, has expanded its format into a two-day for the first time. Headliners for the fest include Kasabian, Fatboy Slim, Underworld, Paul van Dyk, Tiesto and Soulwax.
The Ingenious VCTs will provide funding in excess of £1 million ($1.9 million) to form a new company, entitled CFDT Limited, which will promote the festival alongside CI Events, a wholly-owned subsidiary of Cream.
“Using their investment,” comments James Barton, CEO of Cream, “we are able to deliver on our promise of the best Creamfields to date.”
Since launching in 1998, Creamfields has staged a successful international expansion of its brand, with events rolled out in more than 12 markets, including Argentina, Spain, Brazil, Poland and the Czech Republic.
Ingenious says its Live VCTs have raised in excess of £18 million ($35 million), with investment ploughed into such live music events as the Underage and Field Day Festivals and a series of concerts at Powderham Castle.
In a sign of Ingenious’ growing stature and influence, the company’s chairman Patrick McKenna was ranked No. 9 in the Guardian newspaper’s Media 100 list, published Monday. McKenna’s entry, his first appearance on the list, is well ahead of music industry figures Thom Yorke from Radiohead (No. 63), UMGI chairman/CEO Lucian Grainge (No. 64) and Terra Firma’s CEO Guy Hands (No. 80).
