Published
Thu, Feb 18, 2016, 11:20
- The figures were revealed after the digital retailer's parent company, SFX Entertainment, filed for bankruptcy.
Online retailer and streaming service Beatport suffered a loss of $5.5 million in 2015.
The figures were revealed as part of the bankruptcy proceedings for parent company SFX Entertainment, which bought Beatport in 2013 for $50 million. As Billboard report, the 2015 figures, which include estimates for the fourth quarter, reveal that Beatport's revenue dropped from $46.5 million in 2014 to $39.1 million in 2015. Salaries and general expenses grew from $11.2 million to $18.7 million over the same period, meaning Beatport went from earning $7.1 million in 2014 to a $5.5 million loss last year. In August of 2015 the company temporarily froze payments to labels for the quarter of April through June.
SFX's wider finances are similarly gloomy: at the beginning of 2015 the company had forecasted earnings of of $60-70 million, but it ended up with an $18 million loss. SFX Entertainment filed for chapter 11 bankruptcy on Monday, February 1st. The decision saw $300 million in debt wiped from SFX's accounts, with a new CEO set to replace Robert F.X. Sillerman, the company's founder.