Troubled dance-music firm SFX Entertainment’s revenues fell well below expectations in 2015, as it slid towards bankruptcy.
Documents filed as part of those proceedings revealed that SFX predicted $500m of revenues last year, but actually made $336.9m – meaning its predicted profit of $60m-$70m ended up as a loss of $18m.
There are also figures for SFX’s Beatport subsidiary, which saw its revenues fall from $46.5m in 2014 to $39.1m in 2015, sliding from a $7.1m profit to a $5.5m loss in that time.
SFX also revealed that it expected to have a negative cash balance of $29.9m in January 2016. The company is now trying to restructure, go private again, and hire a new CEO to replace existing boss Robert Sillerman – although he will remain as chairman.