In a partial sale of SFX Entertainment’s assets, renowned promoter ALDA Events has bought ID&T from the beleaguered former owner, meaning ALDA will be in possession of three major festivals: Tomorrowland, Mysteryland and Sensation Brazil.
They haven’t just bought ID&T: Alda Events, in commanding fashion, has bought SFX Europe too. What makes this purchase interesting is that Alda Events was one of the companies SFX Entertainment wanted to buy in their heydays, back when they were on a bullish run. SFX had already decided a price for Alda Events: $23.4 million for 50% possession, according to magazines Quote and We Got This Covered. However, the deal never happened due to SFX’s breach of contract thanks to non-payments.
The downfall of SFX Entertainment continues with the stripping down of their music store Beatport. The online music store shut down their News section, mobile app, streaming service, events section and the video live streaming platform, leaving them with only their main source of revenue: the store.