After cancelling last year’s event just weeks out, the company behind R&B music festival Souled Out has gone into voluntary administration with debts reportedly exceeding $1 million.
Souled Out Pty Ltd had planned to return in February 2025 for a second year of the festival but cancelled the sold-out event, before entering administration last month. Per the Courier Mail, a report filed with ASIC on Wednesday shows the promoter accrued $1.1 million in debts during its 2024 events, held across Sydney, Melbourne, the Gold Coast, Perth, and Auckland.
Of that amount, unsecured creditors were owed roughly $910,000, while a secured creditor was owed around $280,000, according to administrators Laurence Fitzgerald and Garth O’Connor-Price from William Buck.
The festival launched in 2024 with headline performances from US and Canadian artists Summer Walker, Bryson Tiller, and PartyNextDoor. The cancelled 2025 edition had been set to feature Don Toliver, Jhené Aiko, and Vince Staples.
Despite generating about $12 million income from ticket sales and an additional $193,777 in other income in the 2024 financial year, Souled Out recorded total expenses of approximately $12.3 million.
Performer fees made up 40% of the…