In rather surprising news, post the strategic alliance between Future Music Festival and The Mushroom Group comes word the company formally known as Future Music Entertainment have entered liquidation after the Victorian Supreme Court ruled on the issue this morning.

Legal representatives representing Future Entertainment did not dispute the application to wind up the companies.

Since May the company began transferring assets and trademarks to Future Music Holdings Pty Ltd in a way it seems to minimise the potential assets sold by liquidators to creditors still owed money from the 2013 event.

Cutting through the legal jargon, we see it as The Mushroom Group creating a new festival arm by essentially picking up Future Entertainments employees, skill sets, databases and more to continue the legacy of the event and keep competition within the marketplace.

Dubfire has been the first act to leak for Future Music Festival 2014 by sharing with an enthusiastic fan that he’ll be in Australian around the exact dates of Future Music.

Last year another Australian music festival Peats Ridge felt the harsh reality of a tough marketplace as it was voluntarily closed due to weak ticket sales.

Are festivals being replaced by club tours and boutique events such as Outsidein, Listen Out, Strawberry Fields, Rainbow Serpent, Subsonic and more?

source: Tone Deaf