Live event holding company SFX Entertainment was able to bolster revenue 199 percent to $82 million in its second quarter of 2014, but it still slipped deeper into the red with a reported net loss of $43.7 million, an increase of 77 percent.
The holdings company built to “conquer” dance music announced its Q2 figures on an earnings call, during which CEO Robert Sillerman said, “we’re on our way,” according to a report from Billboard.
The market responded positively to his announcement, as SFX (SFXE) rose about 6 percent to close at $6.75 today. Shares are still down roughly 45 percent since the beginning of the year.
Most of the growth was reportedly due to old acquisitions that weren’t finalized until recently, and without including this infusion of net worth, SFX boosted revenue about 18 percent from last year.
But don’t count SFX out of having a solid 2014 and beyond. As Billboard points out, the “EMC” (“electronic music culture”) conglomerate is still finding its footing, and most of its cash cow events come in the latter half of the year, leaving plenty of opportunity to have far more successful quarters three and four. Read Billboard’s full analysis of the SFX financial report here.