John ReeseSGE

Trailblazing boutique concert and festival producer Synergy Global Entertainment has announced it is filing for bankruptcy and shuttering, owing more than $8.46 million to creditors including Paradigm, WME and Abel Management USA. 

“It is with deep regret and after exhaustive efforts to save the business, SGE is now closed.” Reese told Pollstar in a statement. “After 15 years as a successful festival promoter, SGE was hit by a perfect storm of adverse market conditions and a massive drop in ticket sales and RPT (Revenue Per Ticket) since late April of this year compared to historical ticket sales metrics. As a result of these issues, the negative economic impact for SGE became untenable.”

“After having creative impact in over 45 Festival Brands and

Read More At Article Source | Article Attribution