Multimedia electronic music platform, Beatport, announced today that they will shut down every service they offer except for their original business, the music store. As of this Friday (May 13) their streaming service, mobile app, Beatport News service, video livestreaming platform, and events sections will be no more.
"We will be shutting down the Streaming service and mobile app, Beatport News, the Video livestreaming platform, and the Events section effective May 13, 2016," the company said in a statement posted on Beatport's blog this afternoon. "Going forward, we will refocus our attention and resources on our flagship business, the Beatport Store."
The company was acquired in 2013 by the EDM conglomerate SFX Entertainment for $50 million, and as the statement explained, its plans for multi-service expansion were tied to this acquisition. SFX filed for bankruptcy in February, then put Beatport up for auction in March, but today's announcement confirmed that auction has now been suspended.
"We have learned through this process ... that in our effort to be so many different things, we lost focus on bringing the best possible service and capabilities to our most loyal customers: the DJ community," they said. "As such, we have determined to invest in what is most important to our business and our customers, rather than adding yet another choice to a sea of streaming services."
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