SFX Reports $131 Million Loss During 4th Quarter Of 2015
What do Beatport, Electric Zoo, TomorrowWorld, Life in Color, and Mysteryland all have in common? They're all owned by SFX Entertainment, one of dance music's largest media and event conglomerates. The company made huge moves to own many EDM staples as the genre blossomed in America, and their investments have largely paid off. However, the company has reported a loss of $131 million during the fourth quarter of 2015. This loss came on a revenue of $354.4 million.
SFX CEO Richard Rosenstein blames the Stereosonic Festival in Australia for the fourth quarter loss, citing the expanded interest in single-day tickets over entire weekend passes. Despite the significant loss, the company remains positive that 2015 will hold promise. Rosenstein predicts that SFX will earn over $500 million in the next year.
Watch the "Welcome To DreamVille" video for SFX's TomorrowWorld Festival below: