Beatport Sold To SFX Entertainment For $50 Million
Just reported a few minutes ago on the New York Times, one of the music moguls in the DJ industry, Beatport, has been sold to SFX Entertainment – a media company that has been ramping up over the last year to build an EDM-centric empire. Details as to what exactly might change about the music distribution company with it’s new owners are sketchy at the moment – but the Times expounds a bit on what SFX’s owner, Robert F. X. Sillerman (known for building the conglomeration of companies that is now Live Nation), hopes to achieve:
[via The New York Times]
“Beatport gives us direct contact with the D.J.’s and lets us see what’s popular and what’s not,” Mr. Sillerman said in an interview. “Most important, it gives us a massive platform for everything related to E.D.M.”
Since the company was revived last year, SFX has focused mostly on live events, with the promoters Disco Donnie Presents and Life in Color; recently it also invested in a string of nightclubs in Miami and formed a joint venture with ID&T, the European company behind festivals like Sensation, to put on its events in North America.[…]
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.