SFX Entertainment announced on Monday that would no longer be selling the rights to its online music service Beatport, after allegedly regaining financial stability.
“Our renewed focus on the Beatport Store, following our announcement of platform changes in May, 2016, has been well-received and successful. The changes we implemented have laid a strong foundation for Beatport that have dramatically improved its profitability.”
This change was brought upon by simple means: transforming their music streaming service into a strictly downloadable one.
“As a result of these improving trends, SFX has determined that retaining ownership of Beatport is in the best interest of the Company and has withdrawn its motion to sell Beatport through the Chapter 11 process.”
The company said that it hopes to emerge from bankruptcy shortly.
Source: Music Business Worldwide