SFX Entertainment, the parent company of Beatport, declared bankruptcy six months ago. Due to the bankruptcy declaration, SFX announced in March that Beatport would be sold by auction this past May. The auction was postponed following the news that Beatport’s news and streaming services were closing, which ultimately caused massive companywide lay-offs. SFX recently announced that Beatport will no longer be sold and will continue to operate under SFX Entertainment due to the recent changes to the company that have “dramatically improved its profitability”.
The full statement from SFX Entertainment reads as follows: “Our renewed focus on the Beatport Store, following our announcement of platform changes in May, 2016, has been well-received and successful. The changes we implemented have laid a strong foundation for Beatport that have dramatically improved its profitability. 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trends, SFX has determined that retaining ownership of Beatport is in the best interest of the Company and has withdrawn its motion to sell Beatport through the Chapter 11 process. We look forward to emerging from Chapter 11 in the next few months, as strong and vibrant business, positioned to pursue both organic and strategic growth options. The dedicated Beatport management team is committed to continuing to serve our core DJ customer base and enhancing the quality of our customer experience.”
