Beatport will not be sold by SFX
"SFX has determined that retaining ownership of Beatport is in the best interest of the Company"
The future of Beatport was thrown into turmoil after parent company SFX Entertainment declared bankruptcy six months ago.
It was announced in March that the online music store would be sold at auction in May, however this was later postponed, followed by news that Beatport’s news and streaming services would be closed.
Now SFX has announced Beatport will no longer be sold and will continue to operate as a marketplace, revealing that changes made to the company have “dramatically improved its profitability”.
See the full statement below.
“Our 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trends, SFX has determined that retaining ownership of Beatport is in the best interest of the Company and has withdrawn its motion to sell Beatport through the Chapter 11 process.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.”
Patrick Hinton is Mixmag's Digital Intern, follow him on Twitter