NEW YORK (Hypebot) – Bankruptcies are always messy and the SFX reorganization is already proving to be messier than most. After announcing and then extending an auction for one of its more desirable divisions, Beatport, today the struggling EDM conglomerate dramatically shifted gears.
SFX today suspended the auction for Beatport and announced that it will shutter its streaming music service, mobile app, live video streaming platform, news site and events division on this Friday, May 13th. The only part of the EDM destination to remain open will be the Beatport download store, which focuses heavily on the DJ community.
In a statement posted on their web site, Beatport talked about the future:
Going forward, we will refocus our attention and resources on our flagship business, the Beatport Store. We’ve already made noticeable improvements in site performance…
For over 12 years, the Beatport Store has served DJs and the electronic music community. As a new generation of artists, performers, and sounds develop and grow, inspired by the leaders of today and the past, the Beatport Store will continue to be there to support the music and inspire the community.
While the auction is formerly suspended "for now," SFX will continue to take offers for Beatport.
There's no word yet on how the sudden shutdown and SFX bankruptcy will affect payments due artists and labels for streamed music.