(Hypebot) – EDM destination Beatport is relative success story in a sea of failures for now bankrupt SFX Entertainment, but like many digital music services it loses money. So as part of an attempt to restructure debt, SFX has put Beatport up for sale.
SFX Entertainment is auctioning off EDM destination and music streamer Beatport, according to documents filed with the bankruptcy court yesterday.
"While the Beatport Assets are valuable to the SFX enterprise," states documents filed with the US Bankruptcy Court in Delaware, "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.
Depending on the final price, Beatport could be a good fit for a variety of music and media properties looking to expand reach with the active and profitable EDM audience.
Qualified bidders must submit offers no later than 12:00 p.m. (Eastern Time) on April 28, 2016