Right, who’s up for a whip round?
With SFX having filed for bankruptcy back in February having reported a loss of $5.5m in 2015, it has been announced that the struggling company is due to auction off it’s gigantic music download portal Beatport.
SFX acquired Beatport in 2013 for $50 million. Since then, it’s launched a new streaming service that complemented its music download store, re-named as Beatport Pro. According to a recent court filing, the company currently has 24 interested parties in buying Beatport, with bids on the company due by April 28. Accepting bids of no less than $250,000, the auction will take place on May 3, 2016 with the winning bid confirmed on May 5.
Beatport responded to SFX’s auctions plans…
“We are both flattered and encouraged by the number of companies that have already expressed an interest in acquiring Beatport. For over 12 years, Beatport has served as the global source for electronic music worldwide. This legacy, and the complete music experience we have built around it, will continue to guide our vision. As always, our priority remains our customers and partners. We are excited for the future.”
