Tuesday, 18 November 2014
SFX revenues up but staff cull planned
SFX is planning to streamline its operations with redundancies likely even though the EDM focussed group saw revenues up almost 200% in Q3. SFX Entertainment CEO Robert Sillerman said in an earnings call last week that the company now plans to "consolidate many of our operations" with a "reduction in workforce" likely. SFX's Q3 financials saw revenues increase by 194.5% to $134.5 million, boosted mainly by is festivals business. Just 20% came from sources outside its live events, such as the Beatport download platform, marketing businesses and ticketing system, reports Billboard. 30 of the 82 festivals the company owns took place in the period being reported.