SFX Entertainment have stated they will not be selling Beatport despite initial plans to auction off the streaming service.
Back in February, the electronic music mother company announced their bankruptcy, raising questions for the many companies owned under the SFX umbrella.
Totem Onelove – the group behind Stereosonic – were one of the more recent off-shoots to close their doors for good, putting an end to one of the largest music festivals in Australia. The same fate was expected for the popular music provider Beatport.
However, it has been confirmed that Beatport’s original plan to be auctioned off has been cancelled, with the company having “dramatically improved its profitability” of late.
Read 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trends, SFX has determined that retaining ownership of Beatport is in the best interest of the Company and has withdrawn its motion to sell Beatport through the Chapter 11 process.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.”
Looks like SFX have finally got a much needed win in 2016!