The United States Bankruptcy Court has ordered SFX Entertainment to pay artists in full, prior to their performances.
In what could be deemed as a vote of no-confidence, SFX Entertainment’s situation continues to worsen as the ruling mentioned above was made for WME, AM Only, Windish and Paradigm Talent Agency, four of the largest booking agencies currently working with SFX.
According to the filing, many artists and agents apparently stated that “they will refuse to perform at upcoming SFX festivals unless they were given ‘100% payment cash in advance’, and in some cases ‘100% payment prior to permitting (SFX’s) announcement of a particular Artist as part of the line up for a Show.’”
Headliners of SFX events are entitled to, “25% before announcement of the lineup; 50% thirty days before the Event Date, and 25% not less than five business days prior to the Event Date.”
Non-headliners of SFX events are entitled to, “15% before announcement of the lineup; 40% thirty days before the Event Date, and 45% not less than five business days prior to the Event.”
Additionally artists of SFX events in clubs with less than 10,000 capacity are entitled to,“20% before announcement of the lineup; 40% thirty days before the Event Date, and 40% not less than five business days prior to the Event Date.”
With the company already owing huge amounts to their current debtors, this ruling has only worsened the matter as SFX will now need to keep aside close to $15 million in order to pay artists scheduled for upcoming events. Guess it’s only a matter of time before another SFX owned festival is cancelled…
Here’s the complete document of the court ruling if you’re interested.
Khushrav’s passion for dance music started early on as he began creating weekly podcast episodes of the latest electronic music across genres and has mixed over 200 episodes over a span of 5years. As a dance music enthusiast, Khushrav still keeps up to date with every week’s releases, contributing to THE’s Spotify playlists.
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