From Friday the 13th this week the major online EDM store Beatport will be shut down in it’s entirety except for its download store after parent company SFX cancels its auction.
Beatport has become synonymous with online EDM and made itself one of the few renowned specialist music streaming sites, on top of it’s music store. As the company continually tried to branch beyond their parent company SFX Entertainment, who bought Beatport in 2013, fell into bankruptcy and decided to auction off the EDM specialising store.
After delays in the auction SFX are now cancelling the auction, deciding instead to strip Beatport’s service back to it’s roots to “invest in what is most important to our business and our customers”. Beatport made an official statement on their site that cites high ambitions with a lack of focus as the main factors holding them back.
Here is Beatport’s official statement in full:
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
Beatport’s recent history has been a rocky one, with RouteNote revealing shocking royalty rates of 5% on their streaming service as well as freezing payments rightfully owed to artists as the company “went private”. Hopefully with this fresh start Beatport will return to the dedicated store for electronic artists that made it popular in the first place, without screwing over the artists that made it again.