As SFX Entertainment continues to undergo its bankruptcy case, the company has revealed that it is looking to auction off the online music store, Beatport.
Documents shown in court show that it is no longer financially viable for SFX Entertainment to invest in the digital music store. The court paper obtained by Kurtzman Carson Consultants reads “While the Beatport Assets are valuable to the SFX enterprise, given SFX’s current financial condition, SFX cannot afford to make additional investments in Beatport as may be needed in the future, and therefore, has decided to sell the Beatport Assets.”
All bids for Beatport must be submitted by April 28th before an auction will take place on May 3rd.
In response, Beatport writes:
“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.”