Tuesday, 11 August 2015

SFX revenues grow but losses widen

SFX reported a 48% rise in second quarter revenue to $121 million, driven by ticket sales at live events such as Life In Color Austin, Kingsland Amsterdam, Rock In Rio Vegas, Electric Zoo Tokyo, Tomorrowland Brazil and Mysteryland USA. Other sales, which including digital music streaming and marketing partnerships with brands like Budweiser and T-Mobile, came in at $14.4 million.

However, SFX reported an operating loss of $27.8 million during the second quarter and an overall net loss of $48 million. The company provided no new updates on founder Robert Sillerman’s $5.25 a share controversial offer but has confirmed that its Beatport platform will re-start payments to labels.

More on Forbes here

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