In the aftermath of Tomorrowworld’s swampfest, the already-troubled stateside festival giant SFX Entertainment seems doomed for liquidation. The rain-soaked event made headlines when exhausted attendees were stranded due to inaccessible roads at the remote location on the outskirts of Atlanta, GA. This may just be the straw that will break the back of the US electronic music conglomerate.
After recent murmurs throughout the industry regarding money troubles, CEO and Founder Rob Sillerman was allegedly looking to take the company private. Breaking news from SFX on Thursday confirmed that Sillerman is now accepting bids for a quick auction of assets including dance music marketplace Beatport, global festival promoter ID&T, AUS-based Stereosonic, and much more. Get your checkbook ready because now’s the time to pick up a leading festival on the cheap.
Following the founding of the dance music powerhouse, Sillerman went on somewhat of a spending spree. Now proven to be an overexertion, it’s evident that this large array of dance entities couldn’t fit under one roof. SFX originally provided an exit strategy for local promoters turned festival producers like Electric Zoo’s Made event, React Presents, and Disco Donnie but now is ready to jump ship themselves. Responsible for hundreds of dance events across the US, is this scale just too much for the EDM market?
As more and more massive festivals end plagued with issues, can EDM survive the bro-filled mad crowd that has become the target fan? With ‘underground’ festivals such as Movement Detroit, Time Warp NYC, Amsterdam Dance Event, and BPM Festival finishing with rave reviews, it may be time to end the age of pre-mixed set, pyrotechnic-filled, neon-clad, YOLO-fest.