BEATPORT LOST $5.5M IN 2015 | DJMag.com Skip to main content

BEATPORT LOST $5.5M IN 2015

The figures were revealed by SFX Entertainment’s bankruptcy filings

Beatport made a loss of $5.5m (£3.82m) in 2015, new financial reports have revealed.

The figures, obtained from the bankruptcy fillings of parent company SFX Entertainment, show that the online retailer has seen a drop revenue from $46.5m (£32.2m) in 2014 to $39.1m (£27.1m) last year.

During the same period, salaries and general expenses rose by $7.5m (£5.21m) and as a result Beatport’s earnings went from $7.1m (£4.9m) in 2014 to a $5.5m (£3.82m) loss in 2015, Billboard reports. 

Beatport was acquired by SFX in 2013 for $50m. 

The troubled promotions company filed for chapter 11 bankruptcy in February. The move saw the $300m of debt wiped from SFX’s accounts and the departure of its founder and CEO Robert F.X. Sillerman.

 

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