Despite Bankruptcy, SFX Owned Beatport Pledges To Continue Payments To Artists, labels
News that SFX was seeking bankruptcy protection and wiping $300 million off its balance sheet, sent shivers throughout the music industry, particularly within the EDM community. But Beatport, one of electronic music's most popular download stores and streaming services is promising to continue payments to artists and labels, as usual.
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While the judge overseeing the newly filed SFX Entertainment bankruptcy petition may have other ideas, Beaport is promising to make payments as usual to artists and labels. Yesterday, the issued this statement:
"For all of us here at Beatport, it's just business as usual.
That means entire Beatport platform is fully operational without restriction. The store remains open. The streaming service continues uninterrupted. New releases are being added every day. New videos are being scheduled and filmed. Payments to labels and suppliers are ongoing in their usual manner.
We look forward to SFX successfully navigating this reorganization, and in the meantime will continue focusing on building the best music experience for the fans, artists and DJs that make up the electronic music community."
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