With three months left on his contract, Randy Phillips has stepped down as CEO of LiveStyle – the company created from the remnants of Robert FX Sillerman’s reincarnation of SFX Entertainment, to focus on the management of Why Don’t We.
He also plans to re-join tech partners Steve Miller and David Loeffler in developing Halogen, a social media content and monetisation application to create revenue streams through micro-transactions – a project he had to sideline when he agreed to help reconstruct SFX assets after it filed for bankruptcy in 2016.
Meanwhile, Phillips will continue as a consultant to LiveStyle chairman Andrew Axelrod, North American president Gary Richards and chief financial officer Chuck Ciongoli.
“When I took the job three years ago I was already in business with two partners and my role with SFX was never meant to be a long-term position. I had that carved out in my contract,” Phillips tells Audience.
“I did a great job at SFX, cleaned it up, re-branded it as LiveStyle, put management in place, made it operational and fattened it up for sale. We have already sold a number of assets, including 40 per cent of [Brazil festival brand] Rock in Rio to Live Nation Entertainment, and brothers Manu and Michiel Beers bought back 50 per cent of [European festival brand] Tomorrowland.”
Phillips says he anticipates North American assets to be sold within six to 12 months and European assets within two years.
Why Don’t We recently had their first radio hit with What Am I, written by Ed Sheeran. The band heads to Europe in October, and Asia-Australia in November.