Beatport Sold To SFX For $50 Million
Late yesterday evening it was confirmed that touring giant SFX has purchased music download site Beatport for a reported $50 million. SFX head executive Robert F X. Sillerman who has been on a Billion Dollar EDM spending spree which included the acquisition of the Disco Donnie Productions, Dayglow and The Opium Group has been rumored to be the mystery buyer of Club Space in Miami as well.
This recent purchase of the EDM centric online music retailer is unprecedented and has been getting some mixed emotions from the industry. Grumblings of concern for the site site to remain "pure" have been posted on facebook and twitter. @TheDJGospel tweeting "The sell of @beatport probably means more emphasis on mainstream music and the overuse of the term #EDM And that is the Gospel". Beatport since it's launch in 2004 has been safe haven and staple for independent DJ owned labels that could not get placement on iTunes and other outlets.
Matthew Adell, Beatport’s chief executive, said that being part of SFX could help the company extend its business into live events, and also into countries where the dance genre is exploding, like India and Brazil.
“We already are by far the largest online destination of qualified fans and talent in the market,” Mr. Adell said, “and we can continue to grow that.”
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