SFX Lost $13M On Sale Of Ticketing Service Flavorus To Vivendi
I’m not sure why so many in the music industry find the dramatic demise of SFX fascinating, perhaps even fun to watch. I suspect that it has a lot to do with the fall of the music industry’s Donald Trump – the wildly arrogant, now removed CEO Robert F.X. Sillerman. Here’s the latest chapter:
Bankrupt SFX Entertainment announced the sale of another one of it’s properties this week: $4 million for ticketing platform Flavorus from Vivendi. According to Billboard, court filings this week revealed that Vivendi submitted the “highest or otherwise best” offer in an auction conducted last week.
SFX acquired Flavorus in early 2014 for $17 million as the EDM promoter worked to build out its ticketing platform. Flavorus provides ticketing services for events such as Electric Zoo, Mysteryland USA, and the North Coast Music Festival, Billboard reported.
Like last week’s sale of digital marketing company Fame House to Universal Music Group, the divisions were all parts of SFX that the company had determined to be no longer part of their core business model.
via Celebrity Access