Beatport is shutting down all its extra services
Iconic online dance music store Beatport will shut down its music and video streaming services, its mobile app, News section and Events department from this Friday 13 May and shift its focus back to its online store. Billboard reports that as many as 49 employees at Beatport have now lost their jobs as the company restructures.
US events giant SFX Entertainment bought Beatport for US $50 million in 2013 as part of a billion dollar spending spree in the dance music market, in which SFX also acquired companies like Tomorrowland promoters ID&T and Stereosonic promoters Totem OneLove. In 2014 Beatport began ramping up its editorial section, and it added a streaming service the following year.
Early this year, SFX filed for Chapter 11 bankruptcy after losing an estimated US $18 million in 2015, and announced its plans to auction off Beatport to recoup costs; those plans have now also been put on hold. Beatport was originally set to be auctioned off this month, but that’s now been suspended indefinitely as SFX holds onto the brand – although a statement from Beatport said it still plans “to continue considering offers”.
“When Beatport was acquired three years ago, part of the vision was to create a broad digital platform for DJs to engage fans of electronic music wherever they may be,” reads a statement on the Beatport website. “We have learned through this process however, 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.
“Going forward, SFX will concentrate its resources and efforts on supporting and enhancing the Beatport Store. We believe that these actions are essential to maintaining the viability of the business while directing resources to serving our core DJ customer base.” Read the full statement from Beatport below.
Today, we have an important update regarding the Beatport platform and the services we offer.
When Beatport was acquired three years ago, part of the vision was to create a broad digital platform for DJs to engage fans of electronic music wherever they may be. The original Beatport Store and the Beatport brand became the foundation for this vision, upon which we added a streaming music service, mobile app, a video livestreaming platform, and a relaunched news and media property.
We have learned through this process however, 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. 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.
This means 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. Additionally, while we plan to continue considering offers for Beatport, the previously detailed auction process will be suspended for now. We’d like to give our heartfelt thanks to all of the loyal listeners, readers, and viewers who have come to enjoy these services over the past year, as well as all the labels, artists, and promoters who have participated in them.
Going forward, we will refocus our attention and resources on our flagship business, the Beatport Store. We’ve already made noticeable improvements in site performance, with our most-used features (track, release, artist, and genre pages) running up to 51% faster.
For over 12 years, the Beatport Store has served DJs and the electronic music community. As a new generation of artists, performers, and sounds develop and grow, inspired by the leaders of today and the past, the Beatport Store will continue to be there to support the music and inspire the community.
— The Beatport Team