SFX Cancels One Tribe Festival, Sells Few Tickets
SFX just seem to be having harder and harder times lately, and the future doesn’t look bright for them.
A major debt downgrade came after SFX announced that chairman and CEO Robert Sillerman did not meet the deadline to secure financing for his occupancy of the company. Besides ceasing Beatport’s payments to independent labels, SFX‘s stocks have dropped more than 80 percent its value this year. As a result of this SFX says that Sillerman is still interested in taking the company private, however following the stock’s decline, wants to pay less than his initial bid of $5.25 per share.
With all that said, SFX are now forced to cancel the massive One Tribe festival just outside Los Angeles and fans won’t be happy. One Tribe was to be held on September 25 and 26 featuring, Kygo, Skream, Carl Craig and many more, however is cancelled due to poor ticket sales.
— One Tribe Festival (@onetribefest) September 1, 2015
Managing director of SFX Live North America, Jacob Smid sent a statement to the New York Times saying:
We had an ambitious plan to bring an innovative and unique experience built around the spirit of community, art and music to an amazing venue in Southern California, unfortunately, disappointing ticket sales put us in a position of choosing between compromising our vision and the overall experience at One Tribe, or canceling it.
Do you think SFX will get back to it’s former glory? Or will the electronic music empire burn to the ground following years and years of poor management decisions.