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."