After announcing a one-year hiatus, it looks like Stereosonic may not be coming back after all, or at least not as we know it. According to documents filed with ASIC, Stereo promoters Totem OneLove Group have been in administration as of Monday.
As The Music reports, the Australian Securities and Investments Commission now lists SFX Totem (Totem OneLove Group) as being under external administration, later confirmed by representatives at Totem OneLove.
Shortly after Stereosonic announced it would be taking a year off, Totem OneLove’s Melbourne offices were found up for lease on a real estate website. Now The Music reports that staff are expected to finish up by the end of the week.
Both Totem OneLove and Stereosonic were sold to global EDM giant SFX Entertainment in 2013. SFX, who own Tomorrowland, Electric Zoo, and Rock in Rio, filed for bankruptcy back in 2013 after years of financial struggle and ongoing losses.
Whilst Stereosonic is still officially on hiatus, Richie McNeill, who co-founded Stereosonic with longtime business partner Frank Cotela, has cast doubts on its return and has revealed he is planning two new events set to debut this summer.
McNeill told Mixmag he is set to launch a new festival in December and a camping festival next year. He added that he’s been working on “Heaps of tours. Heaps of new events. You’ll just have to wait and see. Can’t let too much out of the bag.”
McNeill confirmed that his Cotela will likely be involved with the events, saying, “Sure (I would work with him). Frank is great. He has always been forward thinking and we share a passion for the music and putting on shows.”