SFX revenues up in Q1 2015

EDM specialist SFX Entertainment’s revenue increased  56.6% to $52.2 million in the first three months of 2015, despite start-up costs for Rock in Rio USA of $4-5m according to Music Week. SFX produced and promoted 251 festivals and events in the period, attracting more than 751,000 fans, including 12 festivals with capacities of over 10,000. Live revenue of $40.2m accounted for 77% of total earnings, while net loss was $41.6m, compared with $56m year-on-year. SFX expects revenues for the year to be around $500m. Its digital dance music service Beatport sold $11.7m of music downloads in the first quarter of 2015, slightly up on $11.6m in the same period last year. Its "sale of products" revenue came to $12.2m. SFX chairman and CEO Robert FX Sillerman said: "The progress SFX continues to make with our operating initiatives, including the successful re-launch of Beatport as the leading mobile and streaming app for EDM fans around the world, reinforces my belief that value is being created in the business".