NEW YORK (Hypebot) – One of the world's largest producers of EDM events and online content, SFX Entertainment (NASDAQ: SFXE) reported quarterly financial results and Wall Street reacted badly. Revenue, thanks mostly to major festival attendance in the three months ending September 30, rose an impressive 194.5% to $143.5 million; while revenue for the first nine months of 2014 increased 199.9% to $258.8 million. But analysts were expect more and by mid-day Friday the stock was down nearly 15%.
Revenue in the 2014 third quarter included $114.7 million of revenue (79.9% of total revenue) from festivals and live events that were produced, promoted, licensed or managed by SFX during the period.
During the three months ended September 30, SFX produced and promoted a total of 267 events, which attracted over 1,559,000 attendees, including 27 festivals that each attracted over 10,000 attendees.
Platform revenue, which represents SFX’s 365-day a year engagement with fans outside of live events and includes sales of digital music, ticketing fees and commissions, and certain marketing and digital activities, totaled $28.8 million (20.1% of total revenue) for the three months ended September 30, 2014.