While the fall of SFX might have been the prick the burst the EDM festival bubble, that bust might finally be coming to an end. SFX is emerging from bankruptcy with a new name, new CEO, and a clean record. SFX will now be known as LiveStyle Inc. and has hired a new CEO, Randy Phillips. As has been previously reported, Randy is well known from his work with AEG Live, which spearheads Coachella. He reportedly met with Tomorrowland’s ID&T and told them “I’m one of you” while warning “I also know how to run this business without you”. Phillips felt that while festivals are still a booming business, former CEO Robert Sillerman was vastly overpaying for them.
Where SFX is doom and gloom, LiveStyle has no debt and is ready to roll. The new company wants to shift away from the niche of EDM and move closer to “EM” with a specialty in dance music. Festivals like Electric Zoo, Spring Awakening, and Mysteryland are still there and the company HQ moved from LA to New York. Mysteryland will be broadened to become more like Coachella.
While that’s certainly fantastic news, we must point out that nary a word of TomorrowWorld was mentioned among the properties. SFX is dead, long live LiveStyle.
Source: WSJ
