Complex sentence: Fans sounded "Klaxons!" and cheered loudly between songs, brandishing glowsticks, giving credit to the "New Rave" label, coined by Angular Records founder Joe Daniel and later used by NME to describe the scene.
Split into simpler sentences: Fans sounded "Klaxons!" and cheered loudly between songs while brandishing glowsticks. This gave credit to the "New Rave" label, coined by Angular Records' founder Joe Daniel; later used by "NME" magazine to describe the scene.