Robert F.X. Sillerman, 64, has officially announced his intentions to invest one billion dollars in EDM parties and festivals in the coming year. Sillerman is most noted for founding Live Nation and selling it to Clear Channel and Ticketmaster for a fortune. (Basically.)

The New York Times reports that Sillerman prefers Bob Dylan and Paul Simon himself. But he can not ignore the enormous profit potential that the dance music industry represents.

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