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Beatport Recorded $5.5 Million Loss in 2015

With the SFX financial troubles, this does not come as a surprise

According to reports, the online music retailer Beatport recorded a loss of $5.5 million in 2015.

The company was purchased by SFX Entertainment in 2013 for the sum of $50m. Now, Billboard reports that it's revenue decreased to $39.1m in 2015, which is down from $46.5m the previous year. Beatport's expenses rose from $11.2m to $18.7m and the company went from earning $7.1m in 2014, to losing $5.5m. 

Back in August of 2015 Beatport froze royalty payments which outraged many artists and label owners who were owed money. An anonymous source said this could happen again.

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After the SFX meltdown and bankruptcy filing, which wiped $300 million in debt, many feared that it's assets would begin to fall as well and Beatport quickly launched damage control. Now a new CEO is due to replace the company's founder, Robert F.X. Sillerman, and Beatport is looking to bounce back. 

[via: RA]

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