SFX Entertainment has bought music download site Beatport for a reported ‘little more’ than $50 million.
Beatport, founded in Denver in 2004, is a download store for electronic dance music, or E.D.M., with a catalogue of more than one million tracks and nearly 40 million users.
The site also features a news feed, remix contests and D.J. profiles.
SFX owner Robert F. X. Sillerman said of the purchase: ““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.”
Matthew Adell, Beatport’s chief executive, said that being part of SFX could help the company extend its business into live events, and also into other countries like India and Brazil.
“We already are by far the largest online destination of qualified fans and talent in the market,” Adell said, “and we can continue to grow that.”
Source: Media Decoder