From the 13th of May, Beatport will be shutting down its music and video steaming platforms, its Beatport News section, its Events section and its mobile app, according to a statement posted on Beatport’s website. The company have stated they plan to refocus on the main component of its site, the online store.
Beatport parent company, SFX Entertainment are currently in process of dismantling the company in light of their bankruptcy announced in Early febuary of this year. SFX, who acquired Beatport in 2013 for a cool 50$ million – were in the process of auctioning off Beatport, with bids for that auction originally due April 25th. The auction dates were extended until the 26th of May, but after todays announcement the auction has been suspended.
“Beatport has made a strategic decision to return to its roots, focusing its efforts on its flagship Beatport Store, the leading global source of electronic music for DJs and consumers,” SFX wrote in a statement provided to Billboard. “Going forward, SFX will concentrate its resources and efforts on supporting and enhancing the Beatport Store. We believe that these actions are essential to maintaining the viability of the business while directing resources to serving our core DJ customer base.”