In order for Woodstock 50 to be saved, the music festival needs to raise another $30 million by Friday, according to multiple reports.
Though music fans have become increasingly skeptical of the event, founder Michael Lang is still reassuring the public that the festival will go on. Recently, he has gone on a “media blitz” with over half a dozen publications to ensure people know it’s not over — yet.
However, the music festival will need to pony up another $30 million by this Friday to keep the 3-day event from being canceled. Otherwise, more headliners are sure to pull out, resulting in a domino effect.
There are more complications in addition to these financial woes. Lang says CID Entertainment is on board to produce the event, taking over for Superfly. However, CID has yet to confirm such a development.
In addition, Woodstock 50 still has yet to secure a mass-gathering permit for the festival. Another huge red flag.
The original funder, Dentsu Aegis previously pulled out and canceled the event altogether. Lang immediately snapped back, arguing the company didn’t have the power to do so. Now, he’s taking legal action.
In a letter to Woodstock 50’s original investors, Lang writes: “Honor the law and your obligations, stop interfering with our efforts to put on this wonderful event, and return the $17 million you improperly took.”
Lang and his new attorney have launched a claim against the company, claiming it “illegally swept approximately $17 million from the festival bank account.”
Acquiring an emergency $30 million in funding is most definitely the “Hail Mary” pass for Woodstock 50. For a more detailed play-by-play, see here.
Source: Digital Music News