Beatport reports $7.5 million loss in revenue
Infamous electronic giant SFX filed for bankruptcy earlier in the year, signalling a possible bursting of the EDM bubble that has been on a rapid upward momentum since circa 2010. All affiliates of Robert Sillerman’s failed foray into the scene have been negatively affected as a result of ongoing issues, with even TomorrowWorld’s future put into question.
Another arm of SFX has just reported heavy revenue losses over the past year: Beatport. The music store’s troubles reached new heights in August, when SFX’s move to expedite privatization led to the highly controversial decision on Beatport’s end to halt royalty payments to artists. Meanwhile, expenditures increased as well for the store; Billboard reported a surge to $18.7 million in 2015 up from $11.2 million in 2014, leading in total to a $7.5 million total loss in revenue.
The future of SFX and Beatport in the coming months as the bankruptcy cases unfolds is still in question.