MTV acquires SnowGlobe Music Festival
The annual SnowGlobe Music Festival — a perennial point of contention in South Lake Tahoe — has been acquired by MTV, the companies announced Monday morning.
Details of the transaction were not disclosed. However, MTV said it plans to expand SnowGlobe’s dates and locations worldwide. The company intends to do this by leveraging SnowGlobe’s brand and international notoriety.
“In a festival space where many events have become indistinguishable, SnowGlobe stands out with a unique mix of music, sports, and art that makes it a favorite among artists and its growing audience,” Chris McCarthy, president of MTV, said in a statement.
It’s unclear if those expansion plans involve South Lake Tahoe, which has hosted the three-day music festival for the past seven years.
Originally pitched amid a devastating drought that added to the economic pain inflicted by the Great Recession, SnowGlobe has provided stability at a time of year that is becoming increasingly uncertain given the effects of climate change and the area’s historical dependence on skiing and winter recreation, proponents argue.
A consultant hired by SnowGlobe in 2016 concluded that the festival provides a $14 million economic impact.