SFX Entertainment has not had a good year. Head of Electronic Music at Live Nation, James Barton, is not joining as CEO as previously speculated.
The partnership between Spotify and SFX’s company Beatport was also terminated in July. This termination includes the repayment of a $10 million advance previously paid by Spotify to SFX.
To add to the blow, TMWRK, the company that manages artists including Dillon Francis and Diplo, is paying SFX $3.6 million as a settlement cost to terminate their previous acquisition. SFX had acquired TMWRK in April 2014.
It’s still uncertain what’s going to happen with SFX Entertainment, but things aren’t looking pretty.