SFX Entertainment plans restructuring after revenue doubles following festival season
Shortly after SFX Entertainment announced earnings which increased to $143.5 million, the company has seemingly planned a big change. In an interview with Billboard, the CEO of SFX Entertainment divulged information about the immediate future of the electronic music powerhouse.
“Having completed many acquisitions, we are in the process of determining where there is duplication, as well as where we can enter new businesses by reallocating people,” Sillerman said. “There are no specifics beyond that at this time.” With a relaunch pending, the company announced its plans to consolidate its online properties through Beatport. “As a result, platform and overhead expenses will come down in the fourth quarter and throughout 2015,” Robert Sillerman also proclaimed.
Third quarter revenue exploded to $143.5 million, with live events contributing to almost 80% of the staggering figure. Beatport was responsible for part of the remaining 20% of revenue, which was also attributed to ticketing fees and marketing activities.