Leading dance music digital download and streaming site Beatport announced today a critical shutdown of services as the once independent unit tries to navigate the difficult bankruptcy of parent company, EDM conglomerate SFX.
In an “important announcement” published moments ago the “Beatport team” announced they were completely discontinuing practically every aspect of the site other than selling music. “We will be shutting down the Streaming service and mobile app,” the statement reads, along with Beatport News, Beatport Video and livestreaming and Beatport Events effective May 13, 2016.
In addition, Beatport’s auction for potential investors is being suspended.
In truth, Beatport Streaming was a financial and marketing disappointment from the beginning, and Beatport News was notable for how little news it published outside of SFX festival announcements.
The statement cites overreach as the cause, that “in our effort to be so many different things, we lost focus on bringing the best possible service and capabilities to our most loyal customers: the DJ community.”
Beatport Streaming was developed at considerable time and cost, estimated by a former software developer at the company to me as more than $10 million when considering strategic acquisitions, development, labor and opportunity cost. It lasted barely one year.
The full statement is below:
Today, we have an important update regarding the Beatport platform and the services we offer.
When Beatport was acquired three years ago, part of the vision was to create a broad digital platform for DJs to engage fans of electronic music wherever they may be. The original Beatport Store and the Beatport brand became the foundation for this vision, upon which we added a streaming music service, mobile app, a video livestreaming platform, and a relaunched news and media property.
We have learned through this process however, that in our effort to be so many different things, we lost focus on bringing the best possible service and capabilities to our most loyal customers: the DJ community. As such, we have determined to invest in what is most important to our business and our customers, rather than adding yet another choice to a sea of streaming services.
This means we will be shutting down the Streaming service and mobile app, Beatport News, the Video livestreaming platform, and the Events section effective May 13, 2016. Additionally, while we plan to continue considering offers for Beatport, the previously detailed auction process will be suspended for now. We’d like to give our heartfelt thanks to all of the loyal listeners, readers, and viewers who have come to enjoy these services over the past year, as well as all the labels, artists, and promoters who have participated in them.
Going forward, we will refocus our attention and resources on our flagship business, the Beatport Store. We’ve already made noticeable improvements in site performance, with our most-used features (track, release, artist, and genre pages) running up to 51% faster.
For over 12 years, the Beatport Store has served DJs and the electronic music community. As a new generation of artists, performers, and sounds develop and grow, inspired by the leaders of today and the past, the Beatport Store will continue to be there to support the music and inspire the community.
— The Beatport Team