(CelebrityAccess MediaWire) — Livestar Entertainment Group, Inc. has signed a joint venture agreement with Coolworld Entertainment to develop and produce a number of large music festivals during the 4th quarter and into 2005. The joint venture gives them a 51% equity stake.
Coolworld has produced and been involved in Cyberfest, Ultra Music Festival, Planet New Year, Together As One Festival, Goliath Festival, Monster Massive Festival, Spring Festival, World Groove Festival and many other national festivals. Its festivals have drawn from 3,000 to 45,000 attendees. Coolworld has also been involved in putting out CDs and merchandise, including selling a combined total of over 50,000 copies of the Cyberfest Music Festival CD series.
“Coming off the 2004 World Music Awards and into the music festival business continues our execution of big business development moves for the company,” said Livestar CEO Ray Hawkins, whose company develops entertainment entities, specifically, liquor licensed entertainment establishments such as nightclubs and lounges and live concerts and special events. “Most music festivals in the U.S. average 20,000 attendees, with ticket prices ranging between $25 and $70/day. Coolworld’s festivals have traditionally achieved numbers of that level, with also having a great profitability track record. If our joint venture festivals produce that level of revenue with healthy profit margins, we will be very pleased.”
“This is an extremely exciting partnership for Livestar’s entry and growth in the music festival market,” said Jay Sinclair, head of Livestar’s Canadian unit and vice president of Livestar Events International. “Coolworld is a strong company in the market of music festivals and brings successful business models and a strong track record to the partnership. We look forward to announcing the first of many festivals in the very near future.”
“Coolworld is extremely happy with this partnership and is looking forward to working with the Livestar team to build solid annual festivals that will bring revenue and profit to both Coolworld and Livestar in the years to come,” said company founder and president Sason Parry who has been involved in the music industry for over 15 years, producing, performing and staging large-scale music festivals nationally, and is credited with helping to pioneer the electronic music market in the U.S. “We can only hope that the Livestar shareholders are as excited as the events teams are.” – Jane Cohen and Bob Grossweiner