SPEED Drop Off Download Festival due to sponsor boycott | theMusic.com.au

Up and coming Australian hardcore band SPEED have withdrawn from the most important British hard rock and heavy metal festival, Downloadin protest against the sponsor of the event, Barclays Bank.

Barclays has been criticized this year for its financial involvement with companies that supply weapons to Israel, including artists such as Scowl, Zulu And Pest control are withdrawing from Download as they are all unwilling to support the festival or its sponsor during the ongoing war between Israel and Gaza.

On X (formerly known as Twitter) SPEED wrote overnight (June 11): “SPEED will no longer be playing at Download Festival this Friday 14th June due to recent news regarding Barclays Bank's sponsorship of the event and their involvement in the war in Gaza.”

Last month, 25% of the UK Showcase Festival line-up was The great escape boycotted the event due to its ties to Barclays. Earlier this year protested against SXSWalleged links to partnerships in the arms industry that supply weapons to the Israel Defense Forces (Israel Defense Forces).

SPEED will no longer play at Download Festival this Friday 14th June, as Barclays Bank recently announced its sponsorship of the event and its involvement in the war in Gaza.

— SPEED (@gangcalledspeed) June 10, 2024

A statement on the Barclays Q&A website regarding the criticism the bank has received said: “Barclays has been criticised in relation to Gaza for two reasons: that Barclays invests in these companies and that we provide a range of financial services to clients who manufacture equipment required by the Israeli army.”

The statement continued: “We have been asked why we invest in nine defence companies that supply Israel, but this is a misconception about our trading. We trade shares in listed companies on the instructions or requests of our clients and this may result in us holding shares. We do not make investments for Barclays and Barclays is not a 'shareholder' or 'investor' in that sense in relation to these companies.

“A related claim is that we are investing in Elbit, an Israeli arms manufacturer that also supplies equipment and training to the British armed forces. For the reasons stated, it is not true that we have made a decision to invest in Elbit.

“We may hold shares in connection with client-directed transactions, which is why we appear on the share register, but we are not investors. We also note that Elbit is highlighted because activists claim it manufactures cluster bombs. We would terminate any business relationship with any company that we see evidence of manufacturing cluster bombs or components.”

Last week, SPEED announced their biggest Australian tour to date and reiterated their stance in supporting Palestine as the war continues.

SPEED release their highly anticipated debut album, ONLY ONE MODEabove Records of the last trip on Friday, July 12th.