In early March, it was revealed that SFX could no longer afford to invest in its previously purchased online music store, forcing Beatport to be put up for auction.
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.
“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.
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.
— The Beatport Team