SFX Entertainment, Company Behind Electric Zoo, Goes Bankrupt
The corporate behemoth behind TomorrowWorld had a troubled 2015
Update: A spokesperson for Tomorrowland, TomorrowWorld’s so-called “mother festival,” has said the festival’s future is “uncertain,” according to Billboard. “In light of the present situation, no concrete plans have yet been made for TomorrowWorld 2016,” Debby Wilmsen told Georgia Unfiltered.
SFX Entertainment, the corporation helmed by EDM magnate Robert F.X. Sillerman that’s behind festivals like Electric Zoo and TomorrowWorld, has declared bankruptcy. The move follows a particularly brutal fiscal 2015 for the company, which saw its investors lose confidence and pull out their funding, not to mention declare legal action against SFX. (And earlier this month, SFX’s stock dropped to a measly ten cents a share.) According to the New York Times, its properties — including another major event, Mysteryland, and online electronic music hub Beatport — will remain intact.