In an email to companies affected by the recent payment freeze, Beatport said: “We deeply regret any hardships this delay has placed on members of the creative community - especially independent labels and artists, who are the lifeblood of electronic music culture and who have been long standing partners and suppliers to Beatport since 2004.
‘We are truly sorry this has happened, and that we allowed payment distribution to get caught up in unrelated matters.’
The announcement comes after Beatport communicated to some of its record label clients last week to tell them that royalty payments (covering April – June 2015) would be ‘trapped’ as the company transitioned from a public to private-owned company.
SFX, Beatport’s parent company, is undergoing an extensive restructuring, which includes chief executive Robert Sillerman purchasing the company to take it private.
The process is expected to complete during the fourth quarter of 2015.
‘We are truly sorry this has happened, and that we allowed payment distribution to get caught up in unrelated matters.’
The announcement comes after Beatport communicated to some of its record label clients last week to tell them that royalty payments (covering April – June 2015) would be ‘trapped’ as the company transitioned from a public to private-owned company.
SFX, Beatport’s parent company, is undergoing an extensive restructuring, which includes chief executive Robert Sillerman purchasing the company to take it private.
The process is expected to complete during the fourth quarter of 2015.
