The Sale of Beatport is Officially Off the Table
The fall of SFX has been the thorn in the side of many of its subsidiary companies.
Originally purchasing Beatport in 2013 as part of SFX's EDM-asset scheme, the EDM conglomerate entered into bankruptcy in early 2016. This spring it was announced that Beatport would be put up for auction in an effort to liquidate and pay back debtors. Despite initial bids, no sales were made forcing Beatport to eliminate all operations outside of the original music store platform.
Now, without quick cash to be made through the sale of Beatport, the future of SFX remains unclear. Last month, SFX terminated it's restructuring support agreement which was initially put forward when the company entered into bankruptcy in February.
Last month, in an interview with Billboard, CEO Robert FX Sillerman seemed confident in company's future:
There’s no question, that four years later, this is a sustainable genre."
Despite no success with Beatport, SFX managed to unload two of it's major assets: digital marketing agency FameHouse to Universal Music and ticketing company Flavorus to Universal's parent company Vivendi
Born and bred with the Detroit techno scene, I pledge my allegiance to the underground.