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Robert Sillerman reckons buying Beatport for a reported $50 million was something of a "bargain".
Speaking to Billboard about acquiring the digital music retailler (via his company SFX Entertainment), he said: "Look, Beatport has 40 million users, the majority of whom are not in the US. I don’t know how people value these things, but if you take a look at a business like Instagram, it only had 10 million users and no revenue. So what are 40 million users with lots of revenue worth? If we paid $50 million, maybe it’s the bargain of all time.”
News broke yesterday that Sillerman had snapped up Beatport, adding another jewel to the $1 billion EDM dynasty he is currently building. Interestingly, Beatport was valued at $50 million in 2007, so maybe he has really made a shrewd investment.
Chris Stephenson, who works closely with Sillerman at SFX, explained how the company will use Beatport going forward: “It’s interesting speaking to brands and advertisers; they really want to connect with [Beatport's audience], tens of millions of 18-34s, but there’s no real platform for them to do so. One of our goals is to be able to provide a really elegant platform solution from both the digital and analog side of the business to advertisers. It’s a really exciting thing that doesn’t exist right now.”
Looks like the future is bright for Beatport. More when we have it.