Reports from the New York Daily News are suggesting that AEG Live, parent company of Goldenvoice and Coachella, are seriously considering launching a festival to take place in New York City in 2016.Named Panorama and set to compete with Governor's Ball in June, AEG are intending to locate the event in Queens, at Flushing Meadows Park.AEG are yet to comment on the developments, but Tom Russell of Founders Entertainment, the company that puts on Governors Ball, had this to say to the NYDN:"The timing of this corporate-run festival would threaten our ability as a small business to continue putting on the kind of event that has showcased the best artists, created hundreds of local jobs and put millions of dollars back into the city's economy."This is not AEG's first foray into east coast markets. They were the backers behind the All Points West festival brand, held in New Jersey in 2008 and 2009.Much of what separates Coachella from the mega-fest also-rans is the idyllic setting of Indio, California. If Panorama goes forward, it may struggle to replicate the magic of its flagship festival enterprise. Either way, flower crown dealers in all five boroughs are said to be "very excited" at the prospect.