Yes, it’s true; Your local music messiah, Beatport.com, has been purchased over by SFX Entertainment this week. The purchase was part of SFX Entertainment’s plan to eventually become a 1$ billion empire in the dance music industry.

SFX Entertainment initially started as a promotions company in the 90′s and was revived last year to enter the Nightclub & Dance Music scene.

Although Matthew Adell, CEO of Beaport, refused to comment on the price tag on this priceless buy, two close sources who were present at the signing and weren’t supposed to reveal the information (but did anyway, proving beneficial for us), said the deal was cracked at ‘a little over $50 Million‘.

Robert F. X. Sillerman, owner of SFX Entertainment had this to say about Beatport:

Beatport gives us direct contact with the D.J.’s and lets us see what’s popular and what’s not.  Most important, it gives us a massive platform for everything related to E.D.M.”

This isn’t the only notorious purchase the company has made as of late. Last month, SFX purchased five new companies to add to it’s ever-growing empire, which includes Voodoo Entertainment, ID&T, Dayglow Productions (“The World’s Largest Paint Party”) and Disco Donnie Presents. 

Matthew Adell, CEO Beatport, believes that this purchase could help them enter into the events sector as well as help them internationally. He was quoted saying,

“We already are by far the largest online destination of qualified fans and talent in the market, and we can continue to grow that.”

Beatport had $15-18 million in revenue last year but had losses of around $2 million.