SFX arises from bankruptcy as new events company LiveStyle
The proverbial “light at the end of the tunnel” is getting brighter by the day for the once ill-fated SFX. After a rough 2015 that led the behemoth events company to separate from ex-owner Rob Sillerman and filing for bankruptcy in February, things began turning around in spring when former AEG Live CEO Randy Phillips was brought on the team along with a crew of executives from ID&T and Q-Dance to restructure the debt.
By November, the $400 million restructuring plan had been approved from the courts. Now, the plan is coming into fruition: SFX will reemerge as a whole new company all together called LiveStyle, shedding its original name along with its ineffective business practices.
Phillips will be taking the company in a whole new direction, taking on a broader scope of the music industry other than EDM. The reason for this adjustment, he states, is ongoing controversy over drug-related issues in the electronic scene. Recent deaths and other terrifying stories circulated by the media have earned electronic music a bad reputation, which he states is “tough for a sponsor.”
He elaborates further on the name and general direction change: “Every time I said the name ‘SFX’ to someone, I got this negative reaction—people would make the sign of the cross.” By broadening LiveStyle’s reach, the ultimate goal is to increase gross earnings from $18 million to $50 million over the next three years.