Reports have it that well known music sales platform Beatport is being put up for auction as owning company SFX works through bankrupsy proceedings.
SFX, a United States based events promotion company which has diversified Beatport into audio streaming as well as music sales, has already received quite a number of expressions of interest and plans to start accepting bids in April with 18 of 24 interested parties signing non-disclosure agreements and starting the due diligence process.
Opening offers have been set at 255,000 dollars and up. The streaming side of the business is likely to have strong appeal for potential buyers as a rapidly growing market segment.
SFX filed its chapter 11 bankrupsy papers in February of the year. Beatport was bought out for 50 million dollars by SFX in 2013 but lost 5.5 million dollars in 2015. It was also recently localised for the Dutch market.