Has the EDM Bubble completely burst?
The EDM Bubble has recently been noted by the Miami Herald as one that may be in the decline transition as its rapid growth starts to slow down.
A few of Miami’s most successful night clubs such as Cameo in South Beach and Grandcentral, downtown have closed their doors; while SFX Entertainment has famously declared for bankruptcy after having bought over a long list of EDM’s top brands.
SFX was attempting to set itself up as a corporate conglomerate with a controlling hand in every sphere of the industry. But the plan has seemingly backfired and has the company now selling off some of its big brands piecemeal. TomorrowWorld festival in Georgia has also been cancelled due to a disastrous event last year.
Icon formerly known as Mansion, which is a South Beach ‘dance palace’ has seen a distinct drop in the sale of ‘VIP liquor’ and they are struggling to make up for the losses.
The EDM bubble has been compared to the Disco movement…
“EDM is over — it’s like disco. In 2005, you could open your doors on a random Saturday night and make $150,000. Those days are not coming back.” Said Vanessa Menkes
Menkes is the former head of communications for the now disbanded Opium Group, whose clubs including Mansion and Set dominated South Beach nightlife for years.
The success of the EDM bubble boom has also been attributed to the scale down of the industry. The more money that was to be made from the business of EDM, the more prices for drinks and entry fee went up, causing the scene to lose out on some of its lower income fans.
An Ultra fan by the name of Annie Tomlinson, 22, says she is opting out of going anymore and the last one she went to was in 2013. She says that her peak experience was the year before in 2012. Another aspect could also be that the pioneering fans of EDM are growing up and ‘getting over the hype’.
“I still like the music. But it’s not worth it for the money anymore. It’s so hyped up and I’ve already experienced it.” Said Anne
The EDM bubble it seems is seemingly bursting due to its over exposure and the diluted affect that superficiality and profit has o anything.
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