Six months ago, SFX Entertainment declared bankruptcy raising a vast cloud of doubt over the future of various companies it had acquired during the EDM boom of 2010-2015.
One of the companies whose future was uncertain was Beatport, the giant electronic music-oriented online store founded in Denver, Colorado. While it was initially reported that the company was going to be put up for auction in May, SFX has now announced that it will no longer be sold.
Beatport will continue to operate as a marketplace after earlier canceling its streaming services. This last change was among several other actions taken by SFX in the last few months that have proven to have dramatically improved the company’s profitability.
Below is the full statement from SFX Entertainment:
âOur renewed focus on the Beatport Store, following our announcement of platform changes in May, 2016, has been well-received and successful. The changes we implemented have laid a strong foundation for Beatport that have dramatically improved its profitability.
“As a result of these improving trends, SFX has determined that retaining ownership of Beatport is in the best interest of the Company and has withdrawn its motion to sell Beatport through the Chapter 11 process. We look forward to emerging from Chapter 11 in the next few months, as strong and vibrant business, positioned to pursue both organic and strategic growth options. The dedicated Beatport management team is committed to continuing to serve our core DJ customer base and enhancing the quality of our customer experience.â
