In a continuation of its digital expansion, SFX Entertainment has entered into the live event ticketing business with the acquisition of European ticketing company Paylogic.
SFX has purchased 75% of Paylogic for about $16.2 million. The ticketing company as a whole is valued at approximately $22 million.
Having already provided ticketing services for numerous European music events promoted by ID&T (which was acquired by SFX earlier this year), Paylogic made its U.S. debut in September with TomorrowWorld in Chattahoochee Hills, Ga. Featuring headlining performances by Steve Aoki, Armin Van Buuren and David Guetta, the three-day EDM festival drew more than 120,000 people.
Totem OneLove Group, as well as a new deal with Rock in Rio. In late November, in its first earnings report as a publicly traded company, SFX Entertainment posted a net loss of $28.6 million on revenue of $48.7 million.