Parachute Concerts Gets Investment Boost, Planning ‘New Events Formats’

– Parachute Concerts
Ross Atamian and Ilario Altamura

Northeastern-based concert promoter Parachute Concerts has struck a strategic alliance with investment firm Magna Entertainment that will “support consistent growth of high-quality live events by iconic artists.” 

“They’re a worldwide investment firm, they invest in public and private equity markets and entertainment industry,” Parachute co-founder Ross Atamian told Pollstar of Magna Entertainment. “We have them as our backing now, and it’s really going to open up things in terms of just the volume of shows we can do.”

Founded by Ilario Altamura and Atamian in 2015, Parachute has upcoming shows including Ja Rule and Ashanti in Bangor, Maine, as well as multiple “PJ Masks Live” shows in the Northeast, as well as Carol Burnett in Chicago, Maks Val & Peta Live, Yanni, and Aretha Franklin. Previously Atamian said they promoted mostly EDM shows under the banner Midnite Society.

“We’ve been impressed by Parachute Concerts’ impeccable track record and dedication to the artists they work with,” Andrew Kotliar of Magna Entertainment said in a statement. “Ilario and Ross are exceptional entrepreneurs and are highly regarded by industry participants across their target markets.”

Terms of the deal were not disclosed.

– Parachute Concerts

Atamian, who described Parachute as “under the radar but savvy and aggressive,” said the second year of the Hey Stamford! Food Festival, which attracted 5,000 people last year, to the Connecticut city, is in the planning stages with national touring artists to be announced.

Previous shows put on by Parachute include Avicii, I Love The 90s Tour, Tony Bennett, and Ringo Starr.

Recent reports submitted to Pollstar promoted by Parachute include “Dancing With The Stars” Jan. 25 at Wang Theatre in Boston, which sold 3,427 tickets and grossed $287,613, “Brain Candy Live” Nov. 18 at Wang Theatre, which sold just under 2,000 tickets and grossed $127,484, and Alton Brown Oct. 28, also at the Wang Theatre, who sold 3,015 tickets and grossed $219,997.

Magna Entertainment describes itself as “bringing the rigor and diligence of Wall Street to the entertainment industry” with “a passion for creativity (that) lies at the core of our corporate DNA, influencing our investment strategy and allowing us to see opportunity where others don’t.”