Beatport’s parent company, SFX Entertainment filed for bankrupcy recently and as part of it they released Batport’s 2015 figures. The online retailer suffered a loss of $5.5million in 2015.
Website’s revenue dropped from $46.1 million in 2014 to $39.1 million in 2015. Company’s actual expenses gent up from $11.2 million all the way up to $18.7 million within that one period. Essentially Beatport went from generating $7.1 million in 2014 down to making a loss of $5.5 million last year.
To add to this fiasco, Beatport froze payments in August 2015, movement which outraged many artists and labels who were due payment.
As it stands, with the SFX meltdown and bankruptcy of the main company, SFX, $300 million of debt has been wiped off. Now a new CEO is due to replace the company’s founder, Robert F.X. Sillerman and Beatport will have to change its game plan to come out of the red in 2016.