SFX continues to spin-off assets, announces Flavorus is up for auction
The hits keep coming for SFX Entertainment, which announced it was filing for bankruptcy in February 2016. The events company — which is responsible for putting on Tomorrowland, TomorroWorld and more — has seen its attempts to diversify fail, as the company had previously announced it was auctioning off Beatport and Fame House. Their issues have also reached their festival branch, as TomorrowWorld, to be held in Georgia this summer, has also been officially cancelled.
Now, SFX has announced they are also auctioning off Flavorus. The ticketing service, which had exclusive rights to EDC and HARD festivals, was acquired by SFX in 2014. Opening bids will be accepted starting May 19, with the auction itself occurring on May 23. A sale will then be finalized on May 26.
It still remains to be seen what continued efforts will be necessary for SFX to reach solvency. The only certainty is that the electronic music scene will feel the repercussions, whatever they may be.
Spring Awakening loses another venue with two months until festival
SFX has been extended a lifeline to pay artists
SFX lays off 50 employees as part of restructuring plan