Other parts of the business including Beatport News and its mobile app will close as the brand refocuses on its music store.
Online music retailer Beatport has announced it’s scaling back its business drastically following the bankruptcy of parent company SFX Entertainment, and halting the auction process started in March.
As well as the closure of its streaming service, Beatport will close its mobile app, video livestreaming platform, Beatport News and Events section on May 13, and go back to focusing on selling digital music.
“When Beatport was acquired three years ago, part of the vision was to create a broad digital platform for DJs to engage fans of electronic music wherever they may be,” the company said in a statement posted on its website.
“The original Beatport Store and the Beatport brand became the foundation for this vision, upon which we added a streaming music service, mobile app, a video livestreaming platform, and a relaunched news and media property.
“We have learned through this process however, that in our effort to be so many different things, we lost focus on bringing the best possible service and capabilities to our most loyal customers: the DJ community.
“As such, we have determined to invest in what is most important to our business and our customers, rather than adding yet another choice to a sea of streaming services.”
With the loss of its streaming service and other parts of the brand, Beatport is to refocus on what it calls its “flagship business,” the Beatport Store.
The news comes just months after the bankruptcy of its parent company SFX Entertainment, and the announcement that Beatport was to be auctioned to the highest bidder.
According to Beatport, the restructure means that the auction process has now been suspended, though the company plans to “continue considering offers.”
The auction for Beatport was scheduled to take place on May 3, with the winning bid expected to be announced five days ago on May 5. It was originally reported that SFX had spoken to 24 interested parties about the Beatport sale.
SFX Entertainment bought Beatport three years ago in the midst of a huge spending spree that saw it buy up several businesses aligned with the EDM market including Electric Zoo and Tomorrowland.
The company filed for bankruptcy in February, having struggled significantly since floating on the stock market in 2013.