UPDATE: Beatport Responds As SFX Auctions Top EDM Destination
UPDATE: EDM destination Beatport is relative success story in a sea of failures for now bankrupt SFX Entertainment, but like many digital music services it loses money. So as part of an attempt to restructure debt, SFX has put Beatport up for sale. This afternoon Beatport responded to the sale.
SFX Entertainment is auctioning off EDM destination and music streamer Beatport, according to documents filed with the bankruptcy court yesterday.
"While the Beatport Assets are valuable to the SFX enterprise," states documents filed with the US Bankruptcy Court in Delaware, "given SFX’s current financial condition, SFX cannot afford to make additional investments in Beatport as may be needed in the future, and therefore, has decided to sell the Beatport Assets.
Depending on the final price, Beatport could be a good fit for a variety of music and media properties looking to expand reach with the active and profitable EDM audience.
Qualified bidders must submit offers no later than 12:00 p.m. (Eastern Time) on April 28, 2016
UPDATE – On Tuesday afternoon, Beatport responded to SFX's plans for an auction:
"We are both flattered and encouraged by the number of companies that have already expressed an interest in acquiring Beatport. For over 12 years, Beatport has served as the global source for electronic music worldwide. This legacy, and the complete music experience we have built around it, will continue to guide our vision. As always, our priority remains our customers and partners. We are excited for the future."