The reaction to foreign investments
Recently, the information published by El Salto has aroused an intense debate about the future of various music festivals in Spain. Nando Cruz, in his usual section in Betevé, emphasized that thirty of these events are under KKR control, an American investment fund with links with real estate projects in Gaza, where Israeli settlers are installed. This revelation has led numerous artists to reconsider their participation in recognized festivals such as Viña Rock, FIB and Sónar, with some even asking for the return of their tickets.
The financial impact on the world of festivals
Cruz said that music festivals have become large businesses that need substantial income to attract big names. To ensure this liquidity, many have chosen to sell participation to investment funds. This dynamic has changed the way musical events are managed and financed, with implications that go beyond music.
The superstruct i kkr cas
In 2018, Sónar made a strategic movement selling a significant part of his actions at Providence Equity Partners, which was later acquired by KKR. This operation has generated concern among festivals attendees, as it is now wondering if musical fun is feeding on sources that can be controversial.
The current scenario and human rights
Cruz emphasized that at the time of transactions, it was impossible to predict that KKR would acquire Superstructt or that the situation in Gaza would become so critical. He has warned about the paradox that in festivals that proclaim human rights, there are connections with companies involved in serious violations of these rights.
Financing and ethical
The journalist also emphasized the role of financial institutions, such as the Banco de Santander, who collaborate with arms companies while sponsoring music festivals. This situation creates a conflict of interest that causes attendees to question the morality of their leisure elections.
Reflections on the future of festivals
With the growing social awareness of human rights and business responsibility, the business model of music festivals may be in danger. The art community and attendees must begin a dialogue on the impact of external investments on local culture, as well as on the ethical implications of their elections.