Music by VICE

Beatport Lost Millions of Dollars Last Year According to SFX Financial Report

The figures were revealed in the bankruptcy announcement of the digital retailer's parent company.

by THUMP Canada Staff
Feb 18 2016, 5:45pm

Beatport

A recent financial report by Billboard has revealed that vaunted electronic music brand Beatport, an online music store and streaming service, crashed from $7.1 million in profit in 2014 to $5.5 million in losses in 2015. The report comes following a bankruptcy announcement by dance music conglomerate SFX, which purchased Beatport back in 2013 .

Between the financial years of 2014–2015 the service's revenue fell from $46.5 million to $39.1 million. Bundled with significant increases in operating expenses of roughly $7 million, the company's profit margin dipped deep into the negative.

However, Beatport has been quick clarify its independence from SFX. On February 1 of this year, the company released a statement saying:

"All Beatport users, customers, and partners should rest assured knowing that [the bankruptcy filing] will have no impact on our ability to continue offering the most complete electronic music experience available. Around here, it's business as usual."