The TomorrowWorld catastrophe has had a landslide effect on the festival’s finances and SFX entertainment, and this could mean serious consequences for the festival.
In a sad ending to one of the most-awaited electronic music festivals of the year anywhere in the world, TomorrowWorld experienced torrential rain on Sunday, forcing it to close the gates and shut down Day 3 of the festival. This left hundreds stranded with no food, shelter or transport; some people ended up sleeping in the cold mud outside the festival or waiting for hour for cabs and shuttles. The pictures of the fiasco were quick to hit social media, as angry attendees lashed out at the festival.
(Images via: EDMPocahontas/Twitter)
The festival issued an official statement and apology, and even started a refund policy on its website. The news seems to have reached SFX’s shares, which have dipped 7.5% on Monday. TomorrowWorld is one of SFX’s largest festival events, and the loss of concession income as well as having to refund the attendees for the failed 3rd day have added to the long list of economic woes SFX Entertainment has faced this year. This threatens the company, and casts some doubts over the possibility of future TomorrowWorld editions.