“I know nothing about EDM,” says SFX Entertainment founder Robert Sillerman.
SFX Entertainment, the company behind Tomorrowland, Mysteryland, Electric Zoo, Q-Dance and many more successful electronic festivals, is reported to be going bankrupt recently.
The SFXE shares are said to be down by 70% and according to this Seeking Alpha article, another 100% decline is eminent. After corporatizing the international live music scene and a successful run for the last few years, Sillerman’s brainchild seems to be in a state of upheaval.
(Image Courtesy: billboard.com)
Accused of poor management and a noticeable decline in festival ticket sales and popularity, a company that was supposed to conquer electronic dance music globally is now an obsolete mess. In an interview with Forbes, a seemingly relaxed Sillerman blatantly admitted to not knowing a thing about EDM, “I meet the people whose places we’re buying. And I haven’t a fucking clue what they do or what they’re talking about. Not a clue. And I love it. I just love it.”
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Amidst Sillerman’s business world’s decadence, SFX is still in grave pursuit to find a new buyer. It sure seems likely that SFX, along with Sillerman will go bankrupt. Will this be the end of SFX Entertainment, promptly ending their festivals as we know them or will the company pull through? Stay tuned for updates.