The parent company of the Future Music Festival, Future Entertainment, last week announced a new partnership with Mushroom Group, an independent music and entertainment group expected to take one of Australia’s largest music festivals to an even greater level. On Thursday, Future Entertainment went into liquidation.
News broke Thursday Future Entertainment had legally changed the names of three of its major brands mid-year, re-registering them under new names. According to FasterLouder, Future Entertainment entities owe a ton of money, but by trading assets across to newly branded entities before liquidating the company has allowed the company to continue to operate.
Anonymous creditors spoke to FasterLouder’s sister site inthemix, revealing the debut is “somewhere between ten thousand and a hundred thousand dollars”. “The fact that Future is able to rebrand with a new company name is completely unfair,” said one creditor.
Future isn’t the first festival to follow this path- the Peats Ridge Festival left creditors in the lurch while it is alleged the festival promoter embezzled $1.3 million. Mothership Music, the promoters of the Fat as Butter festival, recently entered voluntary liquidation after the fallout from their legal battle with rapper Flo Rida.
Future Music Festival will undoubtedly roll along, for now. Festival director Brett Robinson told inthemix on Thursday that the recent partnership with Mushroom Group will take the event to even greater heights.
“Future Music has undergone a massive restructure behind the scenes,” Robinson said.
“As announced last week, the festivals will now benefit with the support and backing of The Mushroom Group, Australia’s biggest independent music group, and their touring arm Frontier Touring.”
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