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SFX to streamline operations with redundancies likely, though revenues up almost 200% in Q3
By Andy Malt | Published on Monday 17 November 2014
After a period of rapid expansion, 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.
This follows the announcement of the company’s Q3 finances on Friday, which saw revenues for the group 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.
As previously reported, last month SFX’s share price dropped following the publication of a disputed article that claimed the company was on the verge of bankruptcy. Meanwhile in March some investors questioned the company’s status.
