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Music promoter awaits investor takeover

  • 09-04-2005 12:56pm
    #1
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭


    Clear Channel is a conglomerate in the US that pumps bland prerecorded crap into hundreds of "local" radio stations from central facilities. MCD's record speaks for itself. Makes you wonder what Glastonbury 2007 will be like...

    adam
    Music promoter awaits investor takeover
    08/04/2005 - 19:12:41

    Music promoter Mean Fiddler today looked set to be taken over by investors including the world’s largest concert promoter.

    The company, which owns a string of UK music venues such as London’s Astoria, the Reading rock festival and 39% of the Glastonbury festival, received an offer valuing it at around £37.9m (€55.2m).

    US giant Clear Channel Entertainment and Irish firm MCD Productions revealed last month they were planing a takeover. Their investment vehicle Hamsard said tonight that the board of Mean Fiddler was recommending its offer.

    Hamsard, which already owns nearly a quarter of Mean Fiddler’s shares, said the company was “highly complementary” to its existing business.

    It said there were a number of cost savings and revenue drivers that would boost the group’s profitability in the future.

    [...]


Comments

  • #2
    BrianD
    Closed Accounts Posts: 7,221 ✭✭✭BrianD


    What's your point? MCD have a proven track record of bring a massive number of bands into Ireland. As a result Dublin has one of those most vibrant live music scenes when compared to any similar city in Europe. Their record certainly speaks for itself.

    ClearChannel are a vertically integrated entertainment company who own over 1,000 radio stations and a plethora of venues including the Point in Dublin. They are a monolith and have been accused of some sharp practices in the past though they shrug it off as looking after their own interests. Oddly enough, bands don't seem to have a problem dealing with them. The last Pixies tour was a Clearchannel tour as is the current U2 tour. AFAIK, Clear Channel don't use centralised broadcasting for its radio stations (they own many rock stations) but there is probably centralised play listing. No doubt, this is related to who's on tour and where they are playing. Having said that, look at all the Irish radio stations who are happy to give away tickets to gigs they are getting free tickets to and who also happen to advertise on the station.

    Bottom line is that entertainment industry -especially the music end - is a ruthless cut throat business. It's full of egos starting with the bands that perform within it. Once a band gets a sniff of success you'll see their business acumen kick in - don't think for one second that any band does not know the face value of tickets for any show they play.

    Having said that, competition is a good thing and consolidation ain't necessarily a good ting for joe public. We do have a market essentially dominated by two big promoters owning their own venues and one main ticket agency. This process of consolidation has developed over a few years. Consolidation usually kills competition along the way but it generally reaches a point where the consumer gets find up and smaller players emerge to chip away and break up the monopoly.


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