Record Labels Have Had Their Beatport Payments Frozen

The privatisation of the online retailer's parent company SFX Entertainment has led to the delay.

Beatport's landed itself in hot water as news has surfaced that some payments to labels have temporarily been frozen.

Its parent company, SFX Entertainment, is going through the process of privatisation at the moment as its chairman, Robert Sillerman, buys it, and the online music retailer has detailed this as the reason for delayed payments.

However, Morgan Geist, aka Storm Queen, isn't happy with the way it's been handled, taking to Facebook to share an email he's received from Beatport.

Beatport Payments

As you can see from the email, Beatport is promising payments to come through in the next few weeks and thanks artists and labels for "patience and continued support".

According to Music Business Worldwide, smaller labels are worse off as the frozen income for those covers the last three months (April to June) and was meant to come through on July 30.

Source

mixmag

Related news

SFX purchases German promoter i-Motion for $21 million

North American events company SFX Entertainment has continued its recent spending with the purchase of German promoter i-Motion.

Beatport's Auction Date Has Been Postponed

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.

SFX to Auction Off Beatport in May, Looks to Sell Fame House

There’s been plenty written already of Robert Sillerman’s much-maligned reign as the CEO of SFX Entertainment, particularly the frivolous shopping spree where he quickly acquired different companies around the EDM world.

The SFX Saga Continues...

Many of SFX Entertainment’s largest creditors are SFX-owned promoters awaiting deferred purchase price payments.

It’s official: SFX Entertainment Has Filed For Bankruptcy

The Beatport owner and live music company, which also runs festivals such as Tomorrowland, has filed for Chapter 11 bankruptcy in the US on Monday, Feb 1.

More on the topic

Armin Van Buuren's New ASOT Radio Studio

New state-of-the-art ASOT radio studio in Amsterdam

Deadmau5 To Lead A Music Production MasterClass For Students

MasterClass, an online education platform designed to give aspiring artists and creatives the opportunity to learn from top-of-the-line talent, has just announced Deadmau5 as its latest instructor for electronic music.

Glastonbury Introduces First Women-Only Festival Zone

After battling a tired lawsuit, Glastonbury Festival is bouncing back to introduce the world’s first fully stocked women’s safe space. Called “The Sisterhood,” Glastonbury’s new attraction will be staffed entirely by females, providing a “revolutionary clubhouse for any who identify as intersectional, queer, trans, or disabled.”

Glastonbury Festival Fined $45,000 For Sewage Leak

Glastonbury Festival is a serious beast. You may have heard of the famous UK festival for its insane music lineups, or perhaps you’ve gasped at the appalling amount of trash left behind in recent years. Now, to summon your gag reflex, Glastonbury is being fined for a sewage leak that killed 42 fish in 2014.

This is The New Ministry of Sound Logo

The Ministry of Sound logo has had an overhaul.

Popular news

Awesome Lunch Video of Parklife Festival

Nice old style trailer of Parklife Festival

Becoming Phill - Electrum

Nice to start early 2017 with the good music from Becoming Phill and his new album Electrum.

Spanish Promoter Miguel Ángel Flores Sentenced To Four Years In Prison For Deaths At Steve Aoki Show

Miguel Ángel Flores, the Spanish promoter whose 2012 event with Steve Aoki led to the deaths of five people, has been sentenced to four years in prison.

19th Edition DJ Awards Ceremony - Monday 3rd October - Pacha Ibiza

DJ Awards time again! This year we have our largest ever line-up in the history of the awards with 12 categories and a staggering 113 nominees for the public to cast their votes.