SFX Lost $48 Million Last Quarter Despite 48% Revenue Growth
With a Thursday deadline looming for founder and CEO Robert Sillerman to complete a stock buyback that would take the company private, SFXE reported 3 and 6 month earnings and the news was not what investors wanted to hear.
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SFX Entertainment (SFXE) today reported financial results for the 3 and 6 months ending June 30th.
Revenue for the three months ended June 30, 2015 grew 48.3% year over year to $121.1 million, while revenue for the first six months of 2015 increased 50.7% year over year to $173.2 million. But despite the rise in revenue losses widened to $48 million for the last 3 months and $(89.6 million for the last 6.
Revenue growth for the three months was driven by ticket sales: $106.7 million or 88.1% of total revenue was related to festivals and live events that were produced, promoted, licensed or managed by SFX during the period. Live revenue for the six months totaled $146.9 million or 84.8% of revenue.
Platform revenue, which represents SFX's 365-day a year engagement with fans outside of live events and includes sales of digital music via Beatport, marketing services and other digital activities, totaled $14.4 million (11.9% of total revenue) for the three month and $26.4 million (15.2% of total revenue) for six months.
