SFX Isn't Selling Beatport After All
The restructuring of the webstore "dramatically improved its profitability" so SFX has decided to hang on to it.
Tomorrowland 2014. Image courtesy of Wikimedia.
Financially embattled dance music live events company, SFX Entertainment, announced yesterday that it won't be selling off Beatport after all. The announcement comes after months of uncertainty about the future of the digital webstore, following layoffs and a restructuring at the Denver-based company that saw all of its ancillary departments, including its streaming service, editorial platform and events division, closed down.
In a statement to Mixmag, SFX said that the consolidation of Beatport had "dramatically improved its profitability" and that selling it was no longer necessary.
The statement went on to say: "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trends, SFX has determined that retaining ownership of Beatport is in the best interest of the Company and has withdrawn its motion to sell Beatport through the Chapter 11 process."
In February of this year, SFX filed for Chapter 11 bankruptcy and then CEO Robert Sillerman took the company private before stepping down as head of the company. The crumbling of SFX, which had an expansive roster of festivals and promoters that included Electric Zoo, and Mysteryland, led to the canceling of TomorrowWorld and the closure of all of Beatport's services except for the original webstore.