NEW YORK (CelebrityAccess) — Robert Sillerman's SFX Entertainment reported big increases in both revenue and losses for the first half of 2014.
In their financial filings for Q2, the company reported a net loss of 43.7% for the second quarter and 107.2% for the first six months of the year. These losses come despite revenue gains of $82.0 million, and and $121.2 million for the full half-year.
The company also reported strong gains in festival attendance, up 70% year over year to approximately 675,000 as SFX held 17 festivals versus 14 in the comparable year-ago period. Attendance at events other than festivals declined 15% to approximately 353,000, reflecting the Company’s strategy to continue to focus on larger events while hosting a fewer number of smaller events.
“With the additional proof of concept of our ability to expand our existing powerful festival brands, with, for instance, Tomorrowland coming to Brazil and Rock in Rio coming to Las Vegas in 2015, we are now well-positioned to grow all aspects of our business," commented Robert F.X. Sillerman, Chairman and CEO of SFX. “With inherent organic growth at our repeating festivals, the completion of major and meaningful marketing partnerships with quantifiable minimum values, and the significant investment in our platform and new festival locations now complete, the second quarter set the stage for near- and long-term growth, and equally importantly, a new generation of fan experiences. In short, this was an important, meaningful, and successful quarter.” – Staff Writers