The artist and his director talk about major business plans that include hotels and restaurants. According to director Myles Shear, more than 178 million investors have spat into the launch of Kygo’s cryptocurrency.
Kyrre Gørvell-Dahll (30) is once again a front page article in American Music Industry Magazine painting.
In a blanket case with Kygo and his manager Myles Shear, 29, the two talked about big numbers and similar ambitions for their company and their Palm Tree Crew brand.
– I’d never sit in my room and think “One day I’ll have hotels”, but Miles always thinks of one more step forward. Talking about Palm Tree restaurants, Palm Tree hotels. Kygo tells the magazine that he has the biggest plans in the world.
The artist from Vana in Bergen has been a giant in the live streaming and concert market since he released his first official single in 2014.
Kigo Earned more than $46 million A year marked by the abolition of concerts and restrictions in the music industry. Then he was listed with 103 million in fortune. In 2019, he earned 77 million.
The Billboard article stated that Kygo and the principal’s holding company, Palm Tree Crew Hold Co. They started with a capital of NOK 70 million from investors in 2020.
According to Billboard, director Shear said they have raised 178.6 million Norwegian kroner ($20 million) to launch the PTC Crypto crypto fund in 2021. The focus there will be on developing blockchain technology, a key component of the cryptocurrency business.
The Billboard article also provides insight into what a working weekend was like for Kygo, describing his three days before meeting him.
Friday: A private plane from Los Angeles to Las Vegas to play at a big club.
Saturday: A quick trip to Arizona to play the Phoenix Open golf tournament. Then head back to Los Angeles to play the pre-Super Bowl party, hosted by Palm Tree Crew in partnership with Sports Illustrated. DJ Heating was a director of Goldman Sachs, one of the world’s largest investment banks and brokerages. Price for the best tables near the theater: approx. 300,000 kroner.
Sunday: At the Super Bowl. Then after the party, and after the party another. Back at his “base,” the luxurious Four Seasons Hotel, at 3 p.m. Monday, he meets the magazine for an interview 12 hours later.
Kaksekos and vegetarian chicken
In August 2021, Kygo and Shear launched the Palm Tree Festival in the affluent Hamptons, located in upstate New York and a popular resort for people with millions of books and billions.
According to Billboard, this festival is typical of Shear’s vision of what the Palm Tree Crew should be: not just a luxurious place to attract Kygo fans, but a separate ecosystem where you can live the Kygo lifestyle.
– I think this is a natural progression from just selling tickets. We can visit any city, bring all the fans to the show, and they will have the opportunity to enjoy all these things that we have invested in, says the magazine director.
Among Palm Tree’s investments, the Billboard listings Shear will make available at our “Fan Center” are plant-based food, a gin-based drink, and a soda alternative that is said to be healthier than cola.
Follow the example
Kygo and the manager explain that they model their empire on the companies of American pop artist Jimmy Buffett.
According to Billboard, Buffett’s 75-year-old subsidiary Margaritaville Holdings includes about 30 restaurants, stores, hotels and casinos in the USA, the Caribbean, Mexico and Australia.
Buffett told Billboard that he sees a lot of himself and his work in Kygo and Shear, and maintains that they did things in the right order by putting music first and building a fan base from many years of touring.
Kygo himself enthusiastically points out how Buffett creates rally points for his fans – and that this should not be at a concert, but also at one of Buffett’s hotels or at a Margaritaville bar.
This is what we’re trying to make: something bigger than music. Community, movement, Kygo tells Billboard.
Inspirational Investments
The Palm Tree company now includes label releases of records in collaboration with major company Sony Music, and a management figure with six artists that Shear looks after.
According to Billboard, new Palm Tree festivals are now being planned along the lines of the above in the Hamptons, Aspen, Croatia and Mexico.
In an article in the luxury lifestyle magazine Hot Living Last fall, it was reported that Kygo and Shear’s first investments were in Spotify, Uber, and LiquidIV. He states that the progress of these companies has also been a source of inspiration for them.
We’re constantly investing in new startups, Cher said in the article, with the director also mentioning that his hometown of Miami is now Kygo’s “second home.”
Kygo is also musically active during the day: a couple of weeks ago he released the song “Dancing Feet”, a collaboration with Joe Jonas’s band DNCE.
Today released a new remix of the Coldplay/Selena Gomez collaboration “Let Somebody Go”.
According to Billboard, Kygo is now working on his fourth album.
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