SFX Entertainment has defaulted on its content agreement with Spotify, after CEO Robert FX Sillerman failed to purchase $15 million in preferred stock by October 17.

Billboard reports that Spotify has been refunded its $10 million licensing advance and will recoup the full amount in instalments by July 2016. According to an SEC filing, the default would cause "a cross-default" on a $295m loan. SFX's share price was $0.193 last Thursday, having fallen 33.4% since December 24.

Management company TMWRK has also bought itself out ...