SFX Acquire Beatport for $50 Million
Beatport, the online electronic music specialist has a new owner after being acquired by live music giant SFX. The music retailer joins an already impressive roster of assets including the massive Live Nation company amongst many other musical undertakings.
But just who are SFX? And what do they want with Beatport? In the 1990’s SFX started out by amalgamating a series of smaller local promotions into increasingly large networks that quickly became nationwide before going global. They then secured the support of US radio behemoth Clear Channel and developed Live Nation into becoming the largest live entertainment company in the world.
Now what they want with beatport is to tap into the now globalized electronic music market which their head honcho one Mr. Robert Sillerman wants a slice of for SFX. He’s astutely realized that it no longer matters if your in Rio, Tokyo or London; that the power of the internet has allowed us all to share in our love of all things EDM, that it is the future of music and he’s bet big on it. A billion dollars big. Which is the promised investment into the electronic music scene and the companies within. Picking up Beatport and it’s 40million users for 50 million shortly after they’ve hooked up with Shazam Sillerman had the following to say when analyzing the future market of dance music
“Beatport gives us direct contact with the D.J.’s and lets us see what’s popular and what’s not. Most important, it gives us a massive platform for everything related to E.D.M.”