Multiple sources have confirmed that Beatport has laid off its entire engineering team based in the San Francisco office. SFX, which acquired Beatport earlier this year is in the process of cutting teams that are not making money.
After recently announcing the complete acquisition at ID&T at this year's Amsterdam Dance Event, as well as making history as the first dance music entity to go public on the NASDAQ, Robert Sillerman's SFX Entertainment continues to expand its circle of influence. In a move to consolidate its position in content, the conglomerate has recently acquired Arc90, Tunezy and Fame House. Arc90, best known for the Readability app, is one of the premiere mobile and web app developers in the market while Fame House represents SFX's move to become a fully comprehensive digital marketing machine. Canadian start up, Tunezy, is perhaps the most interesting of the acquisitions. The company has only just recently raised a round of funding and although it boasts 10 million users on its streaming service dedicated to independent musicians, the move may be a bit hasty -- especially with Spotify and iTunes stranglehold on the streaming music market.