EDM events company SFX Entertainment is now known as LiveStyle, Inc. and is officially out of debt. Turning itself around a mere 10 months after filing for Chapter 11 in February, SFX is now led by former-AEG chief Randy Phillips as CEO of the newly-branded LiveStyle, Inc. Gone is Bob Sillerman, the former CEO who raked in $260 million in 2013 at the company’s initial public offering.
Impressively, SFX, as LiveStyle, is no longer in debt. Phillips managed to zero the company’s balance sheet. Phillips was originally leading the search committee for SFX’ new CEO, however it became clear he was the obvious choice to helm the events business. His resume includes adding Coachella and Stagecoach festivals to AEG during his tenure there.
With the new name, comes a new focus. EDM is now longer LiveStyle’s sole focus. Phillips sees rock music as embracing elements of electronica, so he plans to include more than just dance music. With this in mind, the company will develop the “E” and “M” of EDM.
This is a puzzling move in one sense, considering rock fell far behind rap in the key 18-25 target demographic of listeners several years ago. That said, SFX started as a way to capitalize on the EDM boom and the last few years have seen the market glutted with festivals. Of course fans want to see their favorites, but businesses will remain guided by the interest of profit and profit alone.
Despite the effect of the re-branding of the company’s name and focus, fans need not fear. SFX festivals like Chicago’s Spring Awakening will remain, as well as Mysteryland and Electric Zoo. It remains to be seen if these will only feature DJs, though. Perhaps we will be amused by random artists in lineups, like the curious addition of has-been act Ice Cube to Ultra 2017.