This text deals with the transformation of spaces for 'underground' forms of leisure in Belgrade, Serbia. In these spaces, different styles of non-mainstream music are enjoyed by disparate social groups, referred to here as 'the underground scene'. The spatial and stylistic transformation of venues for 'creative leisure' in Belgrade is read in this article as an articulation of discourse. Fragmentation of music consumption is arguably a global trend acknowledged in many treatises. Discourses within the multifaceted Belgrade underground music scene seem to correspond to such fragmentation. In this case it was found that the development of such identity practices depends on the articulation of concrete social factors and constraints. This paper focuses on the Academy nightclub, its transformations and long-term impact on the Belgrade scene, including the emergence of other venues that have superseded, but have not fully surpassed, this seminal space.