Calm Down - Beatport Isn't Going Anywhere
With the announcement today that Robert Sillerman's EDM mega-company SFX is filing for Chapter 11 bankruptcy protection, fear for the future of Beatport has swept through the electronic music community.
Beatport was acquired by SFX back in 2013, so it's understandable that there would be fear about the future of the online music store, as it's parent company is entering bankruptcy. But Beatport issued a press release and made a blog post addressing the topic, that should ease worries.
Earlier today, news broke that our parent company SFX Entertainment introduced a financial reorganization plan that includes both new financing and filing for Chapter 11 bankruptcy protection.
All Beatport users, customers, and partners should rest assured knowing that this action will have no impact on our ability to continue offering the most complete electronic music experience available. Around here, it’s business as usual.
That means the 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.
In fact, Beatport is expanding. Just last week we launched a version of Beatport customized for the Dutch market, our first foray into operating a fully localized service, and we will be introducing several new features to our News and Video sections over the course of the coming weeks.
For 12 years, Beatport has served all facets of the electronic music community–DJs, artists, labels, and fans alike–and that’s not going to change anytime soon. From the beginning, we’ve committed ourselves to the long haul, ignoring the mainstream trends, fads, or bubbles that only serve to distract and divide. We remain focused on the music and will continue to reinvest in the creative community every step of the way. We have a lot of exciting plans for the year ahead, and can’t wait to show everyone what’s next.
Until then… the beat goes on.
Even without this assurance from the company, it's only logical to assume that Beatport wouldn't be going anywhere. Since it's founding in 2003, Beatport has become the standard for buying electronic music online - especially among the community of DJs, producers, and hardcore fans who aren't satisfied with the low quality, lossy compression that most other online music stores and streaming platforms offer. While there are a few alternatives, none can match Beatport in terms of catalog size or user base, and "charting on Beatport" is synonymous with success for electronic artists.
Even if some major debt-satisfaction restructuring happens as a result of SFX's bankruptcy, it seems highly unlikely that there would be any significant impact on Beatport - at least from an outside perspective. While ownership of the company could possibly change at some point, it wouldn't make any sense to shut down or substantially alter such a powerful brand. So dance music fans need not fear for the future of Beatport, unless something drastic changes.