NEW YORK (VIP NEWS) — EDM promoter SFX Entertainment has posted its financial figures for Q3 2014, managing a net income of $2.8 million as a result of a packed festival calendar.
Of its 82 festivals held in 2014, 30 were held in Q3, including TomorrowWorld, whose attendance grew 25% to more than 150,000.
The company’s revenue saw a 194.5% increase to $143.5 million in Q3; around 80% came from festivals and live events, with the remainder coming from platform revenue, including Beatport download sales, ticketing fees and marketing activity.
SFX has also provided pro forma figures, which act as though recent acquisitions were part of the company in the previous year. From that perspective, the company`s Q3 revenue stood at $289.2m.
“The third quarter of 2014 was one of growth and transformation for SFX and I am excited by the tremendous progress made by our entire team,” said Robert F.X. Sillerman, chairman and CEO of SFX. “During the third quarter, we extended our success in launching our most popular festivals in new geographies, rolled out highly customized programs for global flagship brands, expanded and introduced new multi-year marketing partnerships, re-launched our Beatport portal and further developed our online assets to better engage and delight our fans.
“With streamlined operations that are laser focused on providing the best possible experience for fans worldwide, the cash flow generated in the third quarter allowed SFX to invest an additional $11 million toward future initiatives, an investment that was expensed through our income statement. Upcoming quarters will see the benefit of these investments for all stakeholders.”