Beatport is Officially Being Sold By Bankrupt SFX
As the dance music world has watched corporate behemoth SFX collapse, fans and DJs around the world have wondered about the fate of beloved online EDM store Beatport.
There have been indications that Beatport would be sold as part of SFX's bankruptcy proceedings, and now thanks to court documents recently made available to the public, it's confirmed that Beatport will be auctioned off. After posting $5.5 million in losses in 2015, the question of Beatport's actual value looms over the process.
Parties that have expressed interest in purchasing the digital download service have agreed to non-disclosure agreements, so there are no details at this time regarding who might buy it. Given Beatport's iconic status in the EDM scene, it seems likely that a powerful player in the streaming game will step in to buy the company, if only to make use of it's powerful brand.
As streaming has taken over as the primary method of music consumption, Beatport has maintained it's status primarily as a service for DJs. The site provides song downloads in high quality digital formats, as well as tools specifically aimed at producers and DJs, including sample packs and their proprietary "Stems" format for live remixing. This sale doesn't mean the end of Beatport, and in fact it could end up being a good thing for the company and the dance music scene. We are hoping they are acquired by a company with resources and vision, that will transform Beatport into something even better.
The full legal document was uploaded by Matt Meadow over at YourEDM, check it out below.