Australia’s FOMO Festival, 123 Agency In liquidation

The rock and hip hop FOMO is said to have debts of close to A$6 million ($3.27 million), according to accounting firm by Hall Chadwick, which took over its affairs May 15.

A statement from the company announced, “The Liquidator will provide a report to the company’s creditors within three months providing an update on her investigations, the likelihood of any dividend to creditors and any possible action that may be taken for the benefit of the company’s creditors.”

FOMO was set up by Sydney-based Brown Bear Entertainment (BBE) “to bring to Australia artists that we like”. The one-day event took its name from the Fear Of Missing Out phrase as a reaction to complaints from music lovers they missed out on acts they wanted to see when they simultaneously scheduled on multi-stages.

The festival launched in Brisbane in 2016, expanding to Sydney and Adelaide 2017, and Melbourne 2019.

Over the years, its headliners included Post Malone, Nicki Minaj, Skepta, Jamie xx, RL Grime, Empire of the Sun, Peking Duk, SZA, BROCKHAMPTON,  and, in January 2020, Lizzo.

BBE could not be reached for comment, and FOMO’s social media contacts taken down.

Meanwhile, 123 Agency will be wound up, liquidators Timothy James Brace and Michael Carrafa, according to a report by The Industry Observer. 

It was set up seven years ago by Damian Costin, drummer with rock band Motor Ace, who had started as a booking agent at Premier Artists.

Costin previously told Pollstar that the aim was to always work as a dynamic 21st century agency for a roster that included The Veronicas, Tash Sultana, Eliza & The Delusionals, The Pierce Bros, Kingwood, Stonefield, The Delta Riggs and former Powderfinger guitarist Darren Middleton.

 It expanded to a record label 123 Music with Sony Music Australia, a management and studio division WWW, eyed the Asian market and more recently a corporate division that provided entertainment for gala dinners and award ceremonies, blue chip sporting events, product launches and private functions.

Costin is currently general manager at Live Nation Australasia.