Beatport has notified label owners (in a rather cheeky manner) that it is suspending all payments owed to label owners that sell on the digital download platform until further notice.
The news was first reported by Music Business Worldwide.
In an email sent to label owners Tuesday evening, Beatport stated that payments had been “trapped” on account of parent company SFX’s process of going private. Owner Robert FX Sillerman is in the process of buying out SFX’s shareholders, which would take the company off the listed trading indices.
The email claimed that Beatport had paid out more than $200 million to its “label partners” over the past 10 years, and suggested the payments to labels would be freed over the “next few weeks, at which time all payments will be able to be made.”
The email closed by claiming Beatport was the “broadest and original friend of the makers of electronic music.”
[…] Beatport announced it would be late in making payouts to labels earlier this month, it was explained that this was a complication of SFX founder Robert […]
[…] like blueberry vodka from a supersoaker. Seemingly every person alive with a bone to pick with Beatport, with EDM festivals or just with EDM in general has been gloating over Monday’s petition for […]