BEATPORT RECORDED $5.5 MILLION LOSS IN 2015
With the SFX financial troubles, this does not come as a surprise
According to reports, the online music retailer Beatport recorded a loss of $5.5 million in 2015.
The company was purchased by SFX Entertainment in 2013 for the sum of $50m. Now, Billboard reports that it’s revenue decreased to $39.1m in 2015, which is down from $46.5m the previous year. Beatport’s expenses rose from $11.2m to $18.7m and the company went from earning $7.1m in 2014, to losing $5.5m.
Back in August of 2015 Beatport froze royalty payments which outraged many artists and label owners who were owed money. An anonymous source said this could happen again.
After the SFX meltdown and bankruptcy filing, which wiped $300 million in debt, many feared that it’s assets would begin to fall as well and Beatport quickly launched damage control. Now a new CEO is due to replace the company’s founder, Robert F.X. Sillerman, and Beatport is looking to bounce back.