In response to SFX Entertainment filing for bankruptcy, Beatport, which is owned by SFX, has released an official statement.
For all of us here at Beatport, it’s just business as usual. That means entire Beatport platform is fully operational without restriction. The store remains open. The streaming service continues uninterrupted. New releases are being added every day. New videos are being scheduled and filmed. Payments to labels and suppliers are ongoing in their usual manner.
We look forward to SFX successfully navigating this reorganization, and in the meantime will continue focusing on building the best music experience for the fans, artists, and DJs that make up the electronic music community.
Beatport was purchased by SFX back in 2013 for $50 million, but since then it has been anything but smooth sailing. Last year Beatport froze all royalty payments, a result of the financial woes of SFX and attempts by CEO Robert Sillerman to take the company private. Now with the SFX bankruptcy finalized, Beatport will look to carry on being a popular dance music marketplace.
Read about what the SFX bankruptcy means for the future of the company, here.