The Beatport Goes On
Digital retailer Beatport has confirmed that it will settle outstanding label supplier payments, following delays and reports that major labels had been paid whilst independent labels were left hanging.
The so-called ‘trapped’ royalties were delayed due to Beatport’s parent company SFX entertainment being taken back into ownership. Labels were told that this had “trapped certain earned label payments”, and that money would be released within a few weeks. Beatport, which is a significant source of income for many dance and EDM orientated labels, relented and is releasing all payments one week after making the statement.
It was then reported by Music Week that major labels had received royalties, though the company denied they had given such labels preferential treatment in a statement, saying: “While the majority of payments were delayed, some payments were made before the hold went into effect, and those included payments to major labels and some labels participating in the new Beatport streaming service. This was not preferential treatment in any way, but we understand how the optics may illustrate just the opposite”.
The Gen do understand how imbibing optics can blur the reading of things – read the complete Beatport statement here.
© Generator 2023 - All rights reserved.
Delivered with Cargo Creative