Follow the Money: The Podcast How a vulture capitalist quietly took over Europe’s festival scene
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Aug 5, 2025 Henk Willem Smits and Salsabil Fayed, both investigative journalists at Follow the Money, delve into the hidden takeover of major European music festivals by KKR, a U.S. investment firm. They discuss the ethical concerns of corporate ownership over cultural events and the backlash from artists and festival-goers who feel their community spirit is threatened. The podcast also explores KKR's controversial connections to military tech and the Israeli-Palestinian conflict, raising important questions about accountability and transparency in private equity.
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KKR's Quiet Festival Buyout Strategy
- KKR is a massive US private equity firm that buys companies to increase value and sell them years later.
- It acquired Superstruct, which owned many European festivals, concentrating cultural assets under private equity control.
Nostalgia For Grassroots Festivals
- Alexander remembers his first festival 20 years ago at Frequency Festival, drenched in rain and nostalgia.
- He doubts today's festivals still carry that same grassroots spirit.
Boiler Room Sparked Public Backlash
- Boiler Room's public discomfort after being bought by Superstruct exposed the ownership chain to KKR.
- Artists began cancelling shows once they learned a major private equity firm owned their platform.