Last week Beatport announced that the auction to acquire the company would be extended. Now we have been faced with a surprising announcement that it will be shutting down it's news outlet and streaming service.
Beatport parent company SFX filed for bankruptcy earlier this year, which brought up many questions regarding how the online music retailer would move forward. They assured us, "Here at Beatport, it's just business as usual," but now they need to focus solely on the Beatport Store, the aspect of the company that it was built on.
Beatport released a statement on the company’s website, that read, “When Beatport was acquired three years ago, part of the vision was to create a broad digital platform for DJs to engage fans of electronic music wherever they may be.
“The original Beatport Store and the Beatport brand became the foundation for this vision, upon which we added a streaming music service, mobile app, a video livestreaming platform, and a relaunched news and media property.
“We have learned through this process however, that in our effort to be so many different things, we lost focus on bringing the best possible service and capabilities to our most loyal customers: the DJ community.
“As such, we have determined to invest in what is most important to our business and our customers, rather than adding yet another choice to a sea of streaming services.”
Although for many looking on form the outside the company seemed to be leading the charge for online dance music retailers, but the numbers tell a different story. In 2015, Beatport reported $5.5 million in losses.
Beatport has been the "go-to" source for many DJs over the years and we hope they can continue to provide us with an outlet to find the music that moves us. We'll have more news on this developing story soon.