They warned us, now its happened. After recent news that SFX Entertainment was considering it, the mammoth EDM promoter has filed for chapter 11 bankruptcy protection. Which basically means that SFX Entertainment has proposed a plan of reorganisation in order to keep the company alive and to pay its creditors over time.
In particular, SFX has agreed to go private and at the same time clear hundreds of millions of dollars from its books. A deal which will keep the company operational as normal. However, its not all business as usual for SFX founder Robert F.X. Silverman, who will have his role as CEO and chairman replaced.
Music streaming platform Beatport has also issued a statement in response to the news, attempting to re-assure everyone that “The beat goes on” despite the fact that SFX Entertainment is Beatports parent company;
“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.”