On the first of this year, a deal was finalized selling Brooklyn Mirage and Avant Gardner to Pacha and its Parent Company, FIVE holdings. It is unknown exactly what this deal means for the electronic music world, other than Brooklyn Mirage being rebranded as Pacha, New York. However, many are speculating this will not benefit the electronic music community.
One source stated, “This will have a lasting impact on the New York electronic music market, positioning the Dubai-funded Pacha brand to steamroll independent promoters in the city with inflated talent offers even while consumers are still owed refunds from Electric Zoo and Canceled Mirage Shows’… ‘Yet another example of the dangers of hedge funds entering the electronic music and nightlife landscape.”
Another source speculates that Five Holdings and Pacha may launch an entirely new nightlife brand, separate from Pacha, which has a history of entering the New York City Market in 2005 with its nightclub, which closed after 10 years.
Whatever the outcome, it is due to the fact that finances are heavily intertwined with the success of such industries. Last year Brooklyn Mirage had a huge renovation, costing $30 million. However, they never opened due to safety issues, leading to Avant Gardner declaring bankruptcy and applying for a demolition permit, which was denied. Ultimately, leading to the deal selling Brooklyn Mirage and Avant Gardner to FIVE Holdings.
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