Thursday, 18 February 2016

SFX figures show a $18 million loss for 2015

Whilst SFX had predicted a $500 million turnover and $60-70 million profit for 2016 - new figures which have been made public through the troubled EDM promoter's Chapter 11 bankruptcy. 2015 revenues were $336.9 million - the same as 2014 - with a loss of $18 million. The 2015 figures include estimates for the fourth quarter and are not final numbers. Billboard says the SEC filing makes clear why SFX filed for bankruptcy protection and agreed to undergo a restructuring. Months ago, SFX expected to have a negative cash balance of $29.9 million in January after interest payment and earnouts totalling $28 million. By March, it expected to have a negative cash balance of $33.1 million -- over $58 million under management's preferred $20 million cash buffer. North American live events generated $140 million in revenue in both 2014 and 2015, but losses more than doubled, from $5 million to $13.2 million. Other live events segments, including international live events and ticketing, had positive earnings in 2015. Download and streaming service Beatport lost $5.5 million.

No comments:

Post a Comment