The TomorrowWorld fiasco inflicted near-fatal damage on SFX Entertainment.
We have all heard about SFX’s dire conditions in the recent months. From Sillerman’s seemingly nonchalant demeanor to the company’s plunging stock – now down 95% – just $.32 cents from a high of $4.94 in June of this year, SFX has gained quite a reputation. Many reckon that the company will not survive this blow.
And the colossal screw-up that was this year’s TomorrrowWorld does not help matters. Bad weather and bad planning left people stranded with no food, water, or shelter for miles. Read more about it here. This entire fiasco has cost SFX a lot, specifically about $52 million dollars. In 2015 so far, SFX has in total lost $144 million, out of which over $52 million of it was lost in the most recent fiscal quarter, due to TomorrowWorld.
A spokesperson has given the following statement, to Your EDM:
“SFX cannot be saved, but its dissolution has the potential to reinvigorate the market and bring some new voices into the industry.”
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