Hop Farm And Benicassim Festivals Go Into Administration

artist: Misc date: 09/26/2012 category: general music news
I like this
votes: 1
views: 58
Hop Farm And Benicassim Festivals Go Into Administration
In the current economic climate, making money from rock music is proving harder than ever. And it would seem that Hop Farm and Benicassim, two of the major European festival events, have proved the latest casualties of the recession. NME is reporting that Music Festivals, the company owned by music entrepreneur Vince Power that runs the two festivals, is preparing to go into administration. While shares in the company were worth 66.5 pence last June, they were suspended at just 2.12 p on Friday, meaning that the overall value of the company had slipped from £10 million to a mere £310,000. In a recently released statement, the company explained that a search for a financial lifeline had failed and they were moving for shares to be suspended: "The board has in recent weeks pursued a number of different funding proposals but the company has not been able to procure the necessary funding it requires." The over saturated European festival market and the summer's Olympic games have been cited as reasons for the decline in festival attendance. In other ominous music news this week, radio mogul Malcolm Bluemel is exploring a sale of Planet Rock, the U.K's oldest commercial digital radio station. Planet Rock attracts nearly one million listeners a week, yet is reportedly losing £200, 000 to £300, 000 a year according to the Guardian newspaper. Bluemel came under fire from the station's listeners back in June over plans to charge £5 for extra subscription-based content on the station, criticisms which he responded to in an open letter: "For the last four years I have worked my backside off to keep this station going," he said in the letter. "I am not a fat cat. If I was, I would have kept my money in my pocket, stayed at home with my wife and children and been £3m better off."
Submit your story new
Subscribe now to get Uncle UG's best stories straight to your inbox. No bullshit ads, just news
More Misc news:
+ Company Designs String-less Air Guitar That Functions Like a Real Instrument Entertainment 11/28/2015
+ 'I'm a Metalhead and a Muslim': Algerian Metallers Respond Accusations of 'Devil Worship' From Conservative TV Network General Music News 11/28/2015
+ Pink Floyd, Led Zeppelin Members and Henry Rollins Amongst Musicians Calling for 'Ambitious' Climate Change Deal General Music News 11/27/2015
+ Can't Remember the Name of That Song Stuck in You Head? Hum It to This Site, and You'll Have the Answer Entertainment 11/26/2015
+ Guitarist Explains How He Made Over $5,000 in Album Sales Thanks to a Viral YouTube Video General Music News 11/26/2015
+ This Guitar Neck Is Supposed to Be 'Indestructible': Here's What Happens When It's Put Into Deep Freezer General Music News 11/26/2015
+ view all
Only "https" links are allowed for pictures,
otherwise they won't appear