Farhad Wadia exits media, joins real estate

07 Mar,2014

By A Correspondent

 

The man who introduced Independence Rock in the country, much much ahead of the likes of Sunburn, NH7 etc is disillusioned with the live acts business. “There’s no money in it… the newer players have messed up the business model with very low margins,” rues Farhad Wadia who quit Network 18 last month to join the Capricorn Group as Senior VP, Marketing and Sales.

 

It’s crossing over to another industry altogether, Mr Wadia admits, but added that companies in the business of live events need to relook at their P/Ls. “Only Sunburn is making money and that too after going through losses for the first two-three years,” he explains. According to Mr Wadia, while keeping sponsors happy is fine, live act companies are selling the sponsorships very cheap making the business unviable.

 

Mr Wadia joined the Network 18/TV 18 group in 2007 after a two-year stint with Hindustan Times. He has also worked with Channel 4 Networks in the UAE, his own company Power Productions and the now defunct Radio Star India.

 

What Farhad Wadia is best known for though is Independence Rock, a 28-year-old live music acts property, that didn’t happen last year due to sponsorship issues but will definitely take place this year, the showman promises.

 

Meanwhile, at Capricorn, which has a lot of real estate and runs some hotels (like in Pune, the Courtyard Marriott and Regency on Dhole Patil Road),  he hopes to use his sales and marketing expertise in selling dream, er, properties.

 

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