DENVER (CelebrityAccess MediaWire) — Denver-based electronic music digital seller Beatport has announced that they are being acquired by Robert Sillerman's SFX Entertainment.
Beatport is one of the leading online sellers of electronic music and its launch in 2004 was instrumental in the transition for DJs from vinyl to the digital format that has become de rigueur in EDM today. Beatport does not disclose sales figures, but they are reportedly profitable and claims to have more than 40 million users.
While the price of the transaction was not released, the New York Times is reporting that a person with direct knowledge of the deal said it closed for slightly more than $50 million. Last June, Sillerman was reported to be looking to invest more than a billion dollars in EDM related acquisitions.
"Beatport is a tremendous brand in dance music and has the purest DNA of any business in the electronic dance music arena," Robert F.X. Sillerman, chairman and chief executive of SFX, said in a statement. "The relationships they have built with labels, DJs and fans around the world validates to us the strength of their management team. We want to help Beatport grow and introduce the brand to an even broader audience, leading to an overall." – CelebrityAccess Staff Writers