Beatport has suspended the auction process that was expected to see the dance brand sold by stricken parent company SFX Entertainment.
What’s more, Beatport is also shutting down its streaming service and mobile app, its news arm, video live-streaming platform and its events section, as part of a return to its roots: the Beatport downloads store.
“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,” explained the company in a blog post.
“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.”
SFX issued its own statement describing the moves as “essential to maintaining the viability of the business while directing resources to serving our core DJ customer base”, noting that the changes will involve some job losses, including the replacement of CEO Greg Consiglio.
“While SFX will strategically continue to consider offers for Beatport, effective May 10, 2016, the auction process has been suspended,” said SFX’s statement.