|
Insomniac To Put $35 Million Into Production Of EDC Las Vegas
|
View this Thread in Original format
| DjWoody |
That's a load of money but I'm sure they'll be making way more than their money back.
----------------------------
http://www.edmtunes.com/2013/06/35-...egas-this-year/
----------------------------
$35 Million Says Not To Miss EDC Las Vegas This Year
By Tyler Cole on June 5, 2013
If a lineup boasting all of the best DJs in the world didn’t woo you enough into making it to EDC Las Vegas(or at least idolizing those who are going), the 35 million dollars Pasquale Rotella and Insomniac is putting into the production of the event should be the icing on the cake. When asked for specifics about how the money would be spent, Rotella said, “We’re creating an environment along the lines of what you see at a theme park — but on an even larger scale.” To put $35 million into perspective that’s about 90% of Armin Van Buuren’s net worth. I think Armin could throw a pretty damn impressive party with virtually all of his money.
115,000 festival goers a day sure helps to allow for that massive budget, but you can’t help but wonder just how incredible the scene will be with by far the largest budget Insomniac has ever allocated for the event. The mayor of Las Vegas feels bad for those of you who can’t make it to the festival. He’s decided to make sure everyone in Vegas gets a taste of the experience. June 18-25 has been officially declared EDC Week in Las Vegas (what other place in the world would that happen?). Marquee, Steve Wynn’s Encore Resort, and the Hard Rock Rehab pool will offer incredible shows with the likes of Armin Van Buuren, Dash Berlin, Avicii, Kaskade, and many others all week long. |
|
|
| 72hrpartyanimal |
| well, i hope nothing bad happens. Last years crazy wind . I'm sure they are covered by insurance though. |
|
|
| iLLiE586 |
| Well at least if the wind comes back this year, the stage facing the stands (Cox/Enter stage in 12) is wind proofed and will stay open. If that's the case then we'll have a single stage with over 100,000 people at it haha. Then Steve Aoki will probably start playing and dump on the whole thing. |
|
|
| Sadface |
| How much were tickets again? 35 millions is just about break even on 115k * $300/ticket (34.5 mil). Obviously they'll have plenty of other sources of revenue but it's still surprising how much they're spending on the event. |
|
|
| 72hrpartyanimal |
| i remember a friend telling me that Pasqual was willing to spend as much money as needed on EDC as needed. The first event in Vegas, they expected to lose money yet they broke even. I'm not sure how they did on the events since then. |
|
|
| msilin |
| quote: | Originally posted by Sadface
How much were tickets again? 35 millions is just about break even on 115k * $300/ticket (34.5 mil). Obviously they'll have plenty of other sources of revenue but it's still surprising how much they're spending on the event. |
Yeah that's a good point. Maybe waters will be $10 as a result ;)
No, can't hate on Insomniac. Their productions are on point, free water, etc. It's the crowds that are bothering me lately, and the DJs repeating songs and not pushing the envelope. The environment is there. Let's get the right people. |
|
|
| Calabria |
| quote: | Originally posted by msilin
Yeah that's a good point. Maybe waters will be $10 as a result ;)
No, can't hate on Insomniac. Their productions are on point, free water, etc. It's the crowds that are bothering me lately, and the DJs repeating songs and not pushing the envelope. The environment is there. Let's get the right people. |
ya insomniac puts a lot of effort into their productions, thats what theyre known for. but the (majority) audience indeed suck at these. last years crowd was a big enough turn off for me to not go this year. pasquale even said that at main stage last year, you would hear the same track multiple times throughout the night. something he didnt like. |
|
|
| jdub889 |
| quote: | Originally posted by Sadface
How much were tickets again? 35 millions is just about break even on 115k * $300/ticket (34.5 mil). Obviously they'll have plenty of other sources of revenue but it's still surprising how much they're spending on the event. |
no coincidence the numbers line up, the business model for these big festivals is usually to break even on production vs ticket sales, and then make all the profit on concessions. (i assume 'production' in the OP included artist fees, although that wasn't clear) |
|
|
| Sadface |
| quote: | Originally posted by jdub889
no coincidence the numbers line up, the business model for these big festivals is usually to break even on production vs ticket sales, and then make all the profit on concessions. (i assume 'production' in the OP included artist fees, although that wasn't clear) |
Does Insomniac get $ from food/alcohol? I thought the venue usually takes those sales, but maybe insomniac worked it out differently. Obviously they're making money from other stuff like shuttles, cuts from hotel deals, etc, but that seems like it would be pretty small in comparison to the $35 mil outlay. |
|
|
| macky4546 |
| quote: | Originally posted by Sadface
Does Insomniac get $ from food/alcohol? I thought the venue usually takes those sales, but maybe insomniac worked it out differently. Obviously they're making money from other stuff like shuttles, cuts from hotel deals, etc, but that seems like it would be pretty small in comparison to the $35 mil outlay. |
Its pasqual.....you know he doesnt go into a deal without him coming out on top...of course they make money, loads of it! |
|
|
| element-y |
| Will never be like ID&T production and quality in the near future though (excluding american ID&T). Different mindset of running and producing the event. Pasquale will probably just add art installations and what not. Nothing different to overall festival layout or theme or stage production. Still LCD screens everywhere with LED walls. |
|
|
| msilin |
| keep in mind VIP sales too. There are a bunch of VIP tix as well as cabanas - 1 $200 bottle of champagne for 3k? Rack em up! Also all the "road to EDC stuff" makes them money. |
|
|
|
|
