Beatport bought out by SFX for $50 million
The rumors have found confirmation. Media giant SFX Entertainment has bought Beatport. Starting from 1990s, the company of the EDM mogul Robert F. X. Sillerman merged gig promoters into an international promotions firm. Together with Clear Channel, leading US radio company, SFX developed into Live Nation, the biggest live entertainment bureu in the world. Now, Sillerman adds another asset to his already comprehensive monopol of EDM businesses.
Sillerman commented the buy-out, which took him back $50 million, saying: “Beatport gives us direct contact with the DJs and lets us see what’s popular and what’s not. Most important, it gives us a massive platform for everything related to EDM.”
The 64-year old entrepreneur has promised to invest a billion dollars into the EDM sector, so the US-based music platform is just a prize along the way. Earlier this month, Beatport announced their partnership with Shazam. Sillerman had already acquired Disco Donnie Presents and Life in Color. He’s also made investments in various nightlife entities around the U.S. The next move in the EDM world domination plans? Getting the foot to the door in emerging dance music markets in South-America and India.
As Beatport CEO Matthew Adell said: “We already are by far the largest online destination of qualified fans and talent in the market, and we can continue to grow that.” Having merged with Shazam, planning to broaden the horizons to new continents, Beatport has got all the potential in the world. About 40 million regular users, Beatport has become the gathering place for artists and fans. Used mostly as a download site, there are also music production features such as the Sounds To Sample Service, remix competitions and the popular Top 100 chart.
So, acquiring Beatport for only 50 million is a catch..
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