On Friday the 13th, Beatport came out with an announcement, stating that they will shift focus and shut down its News Section, Music and Video streaming platforms, its mobile application, and its Events vertical in a statement on their official website. ‘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. 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.’ Beatport will shift its focus entirely on its music store, running for 12 years now.
In addition the auction by its parent company SFX Entertainment, to sale Beatport has been suspended for now. The original bids for the auction were due April 25th, later on moved to May the 3rd and an official announcement due to May 26th. According to SFX, althouth the auction is now suspended, they are still considering offers for selling Beatport. A statement by SFX reads ‘Beatport has made a strategic decision to return to its roots, focusing its efforts on its flagship Beatport Store, the leading global source of electronic music for DJs and consumers. Going forward, SFX will concentrate its resources and efforts on supporting and enhancing the Beatport Store.’
Back in 2015 the streaming giant expanded its services by adding streaming services. Its parent company SFX Entertainment lost over $18 million last year, leading to filling for bankrupcy back in February 2016. One of their strategies to pay out their debts was to auction off the world’s largest music store for DJs. Now only time will tell what does the future hold for them.
Source / Billboard