The Rebirth of SFX Entertainment as Rebranded Events Company: LiveStyle
Rewind back to late 2013 around the time when Dance Music had become a 5 billion dollar industry. Mainstream audiences were captivated in every country & continent across the globe. Calvin Harris even earned more than Jay-Z or Katy Perry that year. The CEO of SFX Entertainment, Robert Francis Xavier Sillerman priced his I.P.O. at $13 a share with a valuation of $1 billion and nobody thought that the giant conglomerate would go bankrupt with $300 million in debt and shares plummeting to .13/share in 2015.
Fast forward to this past spring when the newly appointed CEO of SFX, Randy Phillips has been working with a team of the top decision makers of ID&T (Tomorrowland, TomorrowWorld & Mysteryland) and Q-Dance to compile a $400 million restructure plan for the bankrupt company. The restructuring plan just got approved by a Delaware judge this past month. Part of this restructuring plan was to re-brand the failed SFX name to LiveStyle, obviously to dissociate from the failures of the past company with this newly created one.
LiveStyle will come into the game with a clean slate, new direction and business practices for the always evolving market of the live entertainment industry. The newly formed team relocated the headquarters from New York City to Los Angeles and will still keep key assets such as Tomorrowland, Electric Zoo, Beatport and ticketing service Paylogic. Randy Phillips, former CEO of AEG Live says the new company plans to expand to Asian & Latin American Markets due to the saturated festival market of the United States. LiveStyle won't be solely involved in Dance Music in order to diversify their portfolio. Also Phillips mentioned that EDM's bad reputation with drug related deaths are a problem for sponsorship sales.
A statement was released by Philips saying:
“LiveStyle has the same potential that AEG Live had when I assumed the reins of that company as CEO. In fact, it has many more assets to build upon, has an impressive management team, especially at the event level, including most of the original founders of these world-renowned festival brands. Armed with no debt, a re-capitalized financial structure, and an incredibly supportive board, we will build LiveStyle into an essential company in the live entertainment sector. Having done this once before, my team and I are very excited to get started.”
One thing is for sure, we will be keeping our eyes and ears open as this story develops. Be sure to check back daily for current updates and the latest news!