Yesterday, the news broke that Beatport was currently unable to pay out royalties for the second quarter of 2015, which put small dance music labels in a tough spot. Today, EPM—“a digital distributor, publisher and fellow underground dance music label”—came to the rescue, announcing in a statement that it will “advance these payments to all our label partners while the current situation is resolved.”
“We understand only too well of the reliance on these payments to keep everyone’s label running where cashflow is often tight,” wrote Jonas Stone, EPM’s Director of PR & Promotions. “Whilst we advance these payments to our label partners, Beatport remains a key sales platform for everyone in the dance music community and we look forward to them being back on track in the very near future.” Read the full statement below.
You may by now be aware of the current situation at Beatport.
A memo sent by Beatport (published here by Resident Advisor) – reveals that the company won’t be able to make its latest payments to record companies whose downloads it sold in the second quarter of this year, because the “going private process” (SFX boss David Sillerman is trying to buy back the company and put it back into private hands) has “trapped certain earned label payments”.
Although the memo says it hopes the whole process will be completed in a few weeks, after which outstanding payments can be made, in the time being, EPM will advance these payments to all our label partners whilst the current situation is resolved.