After watching/partaking in the event which is the UMF(www.ultramusicfestival.com), hosted in Miami, Florida, I had a bit of an realization of what an great chance this could be for Best Buy.
Goal : Prove/show to Best Buy that helping host and/or sponsor the UMF would be very beneficial to a targeted customer base, and would be a great opportunity for advertising and cross brand sponsorships.
1) The UMF event last year drew over 100,000 fans, for the three day event, and this year, had over 35000 viewers streaming it live on YouTube. This vast number of people also would represent a wide, yet targetable demographic. This would create a huge marketing opportunity, and with Best Buy's support, possibly even make the event larger than it is, and bring more awareness and advertising potential to the online arena during streaming.
2) The DJ's. The UMF attracts the largest names in electronica. Most notables include Armin Van Buuren, Bass Nectar, Justice, Fat Boy Slim, Skrillex, and the list goes on. Again the possibility of cross brand sponsorships and partnerships would be huge. This could include marketing possibly including the UMF logo for Best Buy.
3) Actual brand/logo usage. The UMF, and most electronica culture is about brands, logos, and recognition of such. Best Buy would have the ability to bring the UMF to a more center stage, and likewise, be able to bring the Best Buy logo to over a hundred thousand people through out the event. This would give Best Buy ample, and a great advantage, in that so far, no other retailer direct consumer retailer has taken part or put their name on the event, giving Best Buy quite an opportunity to stand out from other retailers.
4) Promotion of products. Best Buy carries a wide variety of DJ equipment already, meaning this sponsorship could easily slide into current marketing campaigns. I would hope that most of the DJ companies would be quite ready and willing to help with this, since this would be an direct marketing opportunity to their demographic.
Summation : Best Buy sponsorship of the UMF would be a great advertising tool, social media opportunity, and a very energetic way to promote brands that Best Buy carries, and it's image.