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SFX Entertainment has purchased Beatport, confirming rumours that have been floating around the internet for the last few months.
The man behind SFX is entertainment entrepreneur and self-styled EDM mogul Robert F. X. Sillerman, who has purchased the digital music retailer as part of a plan to build a $1 billion dance music empire.
Explaining the buy-out, he said: “Beatport gives us direct contact with the DJs and lets us see what’s popular and what’s not. Most important, it gives us a massive platform for everything related to EDM.”
According to The New York Times, Sillerman refused to disclose the exact purchase fee, however sources "with direct knowledge of the transaction" have revealed it to be just over $50 million.
Having already acquired Disco Donnie Presents and Life In Color, along with investments in Miami nightlife and US festivals, this is just another step towards Sillerman's domination in the dance market.
Beatport CEO Matthew Adell said: “We already are by far the largest online destination of qualified fans and talent in the market, and we can continue to grow that.”
He also reckons that SFX will help the company move into live events and emerging dance music markets such as India and Brazil.
The news comes after Beatport announced their partnership with Shazam, earlier this month.