This probably could have waited a month, but then again, Wall Street isn’t the best about giving a f#*k. According to information now confirmed, Beatport is shuttering its San Francisco office and firing a large percentage of its employee base, including some of its most loyal, longtime employees. The move closely follows a $50 million acquisition by SFX Entertainment (shortly after that acquisition, SFX Entertainment went public on the Nasdaq Exchange as SFXE.)
Early sources poked Digital Music News with reports of layoffs in the coding bullpens of both San Francisco and Denver, where the company is based. Sounded like some expected cost-shaving by SFX, which is undoubtedly looking to reduce operation costs across its freshly-constructed EDM empire. But that was before reports of freaked-out employees and chaos-controlling HR squads started emerging. “It was crazy,” one insider told Techcrunch.
“It was a fucking bloodbath for sure. Some of the people laid off were working there for almost ten years.”
In terms of hard numbers, multiple reports confirm layoffs of more than 20 in the Denver headquarters, and a complete shutdown of the San Francisco office. Beatport has now confirmed the layoffs, and offered this statement: “With the additional resources provided by SFX, we are making significant new investments in Beatport and focusing on providing the best possible experience for our users – the DJ, the producer, the labels and the entire Electronic Music Culture community,” the company stated.
“To allow us to adapt and improve our service, it was necessary to make some organizational changes. We have closed our San Francisco office, reorganized our engineering team, and cut some positions in Denver. Beatport has always been about innovation and connection and these moves allow us to focus on that.”