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SFX Entertainment Loses $43.7 Million In Just Three Months…

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SFX Entertainment has released their second quarter financial report.  Revenue for the quarter was $82 million, up from last year’s $27 million.  The sharp increase is due to the completion of acquisitions. 

The company’s net loss was $43.7 million, up from $24.8 million last year. Net loss per share was $0.50.

SFX ran 17 festivals during the quarter, up from last year’s 14 festivals. Nine of these festivals were held in North America. Festival attendance increased 33 percent for events owned by SFX in both 2013 and 2014.

In 2014 SFX has run Tomorrowland, Mysteryland USA, Life in Color, and many more. Before the year is up they will also run Mysteryland Netherlands, Electric Zoo, TomorrowWorld, Sensation, Stereosonic, and countless other festivals. The company is focusing on larger events, and is eliminating the number of small events they run.

Chairman and CEO, Robert F.X. Sillerman, said:

“With the additional proof of concept of our ability to expand our existing powerful festival brands, with, for instance, Tomorrowland coming to Brazil and Rock in Rio coming to Las Vegas in 2015, we are now well-positioned to grow all aspects of our business. The EMC Revolution is just beginning. With an absolute dictum to keep our fans first, the next few periods should see significant impact from our investments in our core business, successful partnerships, and additional events.”

As of August 14th 3:35 PM EST, SFX shares are trading at $6.74, which is a 3.86 percent rise.

 

Nina Ulloa covers breaking news, tech, and more. Follow her on Twitter: @nine_u

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