Universal Music group buys stake in Enchanted Valley Carnival

Universal Music India Pvt Ltd, a subsidiary of the Universal Music Group has entered the festival business space by acquiring 50 per cent stake in Enchanted Valley Carnival, an experiential music festival for an undisclosed amount.

Following this, Universal and Twisted Entertainment (which owns Enchanted Valley Carnival) have formed 50:50 joint venture to scale up the large format experiential music festival

In 2013, Twisted Entertainment launched Enchanted Valley Carnival, an experiential music festival that combines performances, picturesque locale, adventure sports and a camping experience for an entertaining weekend. It is held in Amby Valley every December.

Universal now plans to add another vertical to its existing portfolio by rolling out the largest camp-out music festival in the country.

Devraj Sanyal, MD and CEO—South Asia, Universal Music Group, told BusinessLine, “We wanted to cover all genres in music be it digital, large format events or music labels. We are primarily a music label entering the festival business”.

Universal Music Group is home to record labels such as A&M Records, Blue Note Records, Capitol Records, MCA Nashville, Mercury Records, Motown Records, Polydor Records, Republic Records, Universal Music Latino, Verve Music Group, Virgin Records, Virgin EMI Records among others.

Sanyal said that the EVC will bring international artists like Tiesto, Fatboy Slim among others.

He said the company is also mulling to take the property to the international markets like Indonesia, United States and United Arab Emirates among others. “We may look at introducing sufi music festival, fusion, indie-pop among others in international locations”.

Sanyal said that the live music gig market is estimated anywhere between Rs. 400-500 crore and growing at a CAGR of 35 per cent largely due to a young audience. Industry watchers estimate the market to grow to Rs. 1,000 crore by 2017.

An estimated 1,00,000 people attend live music events in India.

Asked about the revenue streams, he said besides ticketing and sponsorships, food and beverages will be a major contributors.

Sanyal said the tickets for the event will priced from Rs. 6,000 onwards. He said long-term sponsorship deals have been signed with Bacardi and Saavn.