Lizzo performs at the festival of SXSW 2019 (credit: Stephen Olker / SXSW)
What’s the point of going to an entertainment business trade show?
There’s the networking gold, of course. Sitting down with B2B acquaintances eye-to-eye for the first time. Lifelong industry-centric friendships forged in questionable hotel bars at 1am. The good stuff.
But when your return flight hits home tarmac, your wallet stuffed with receipts, have you actually gained anything else?
Can you honestly say you’ve absorbed knowledge that will upgrade your approach to your job? Or been genuinely inspired to expand your professional/personal horizons?
Austin’s South By Southwest (SXSW) has long held a stellar reputation for delivering in this regard. And today (April 19) we learn of some big news for SXSW – and the world of B2B/B2C conferences in general.
P-MRC, the owner of Rolling Stone, The Hollywood Reporter, Variety, Billboard and Deadline (and an investor in Music Business Worldwide) has announced that it has made a strategic investment in SXSW – the annual music/film/tech conference and festival based out of Texas.
According to the Wall Street Journal, P-MRC has acquired a 50% stake in SXSW LLC, making it the biggest single shareholder in the events company.
“Now we are focused on the March 2022 event, and we’re honored to embark on a new chapter of SXSW with both [Jay Penske’s] experience and the capabilities of P-MRC at our side.”
Roland Swenson, SXSW
A media release says P-MRC (which is itself majority-owned by Penske Media) will “bring media expertise and new avenues for discovery to SXSW’s iconic event”, as well as “expanding SXSW’s potential for new events and business models”.
P-MRC’s investment is exciting news for SXSW, after a rocky ride during the pandemic threatened the event’s future.
Following a virtual-only event in 2021, SXSW is due to return as an in-person conference and festival in 2022, from March 11 through March 20.
Announcing the P-MRC partnership, SXSW CEO and Co-Founder, Roland Swenson, said: “It has been an incredibly tough period for small businesses, SXSW included. When Jay Penske approached us with an interest in becoming a partner, it was a true lifeline for us.
“Both of our companies share a passion for producing high quality content that helps shape modern culture, so this feels like a natural alliance. Now we are focused on the March 2022 event, and we’re honored to embark on a new chapter of SXSW with both his experience and the capabilities of P-MRC at our side.”
Jay Penske, Chairman and Chief Executive Officer of Penske Media, said, “We are grateful and proud to become enduring partners with SXSW, and collaborate with its exceptional team. Since 1987, SXSW has been the world’s premier festival centered at the convergence of tech, media, film, and music.
“As part of this significant investment, we plan to build upon SXSW’s incredible foundation while extending the platform further digitally and assisting Roland and his incredible team to bring their vision to even greater heights.”
Jay Penske, Penske Media
“Today SXSW continues to be one of the most recognized brands for empowering creative talent and bringing together the brightest creators of our time.
“As part of this significant investment, we plan to build upon SXSW’s incredible foundation while extending the platform further digitally and assisting Roland and his incredible team to bring their vision to even greater heights.”
SXSW’s management team and core business will remain unchanged following the acquisition.Music Business Worldwide
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