Beatport Records a HUGE Loss in 2015

Posted at February 19th, 2016 | by Supreet.cheema | in

One of the biggest news in the music industry has been the big fall of SFX Entertainment, the company behind the BIGGEST dance music festivals and the owner of Beatport. From failing to buy public shares to filing for chapter 11 bankruptcy at the start of this month, SFX has been sinking more with every passing day. Now, it looks like Beatport is also going down with SFX, which purchased Beatport back in 2013 for the sum of $50m.

According to recent financial report by Billboard, the online music platform Beatport has crashed from $7.1 million in profit in 2014 to $5.5 million in losses in 2015. As per reports, Spotify’s revenue decreased from $46.5 million in 2014 to $39.1 million in 2015. Here’s a statement released by Beatport at the beginning of this month:

All Beatport users, customers, and partners should rest assured knowing that [the bankruptcy filing] will have no impact on our ability to continue offering the most complete electronic music experience available. Around here, it’s business as usual.

Even though Beatport is one of the largest online music store, we still can’t say how much damage will SFX’s downfall cause it. We only hope that Beatport quickly recovers from this loss and find a way to bounce back.

 

Supreet.cheema

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