Ever been afraid to stream that new Beatport #1 because you’re getting close to your data limit for the month? Thanks to a newly expanded sponsorship with T-Mobile, SFX Entertainment (SFXE) is making sure that you’ll never have that problem again.
T-Mobile, already the exclusive mobile partner of SFX, will now offer unlimited music streaming on the SFX-operated Beatport to its customers. T-Mobile users will not be charged for any data used while streaming music on Beatport. Unlimited streaming will also be available on the revamped Beatport site, which hopes to stand out among its competitors by removing any ads or subscription fees. Beatport executives are hoping fans will discover more music and be persuaded to buy songs through the Beatport Pro download store.
As part of the newly designed Beatport, the site’s interface will now be centered around a browse-and-suggest method of music discovery rather than the single search function. Users will be able to collect their favorite tracks into playlists for later use while browsing and adding as they go along. Beatport will continue to offer its news, video, and information sections and is also looking to integrate a “Shows” section to help users make personal calendars of upcoming concerts.
Thanks to the newly strengthened partnership, T-Mobile will also be sponsoring about 30 SFX events this year, expanding on last year’s three activations (Mysteryland, Electric Zoo, and TomorrowWorld) and promising “live festival video coverage from a number of SFX events in 2015.”
Mike Belcher, Vice President of Sponsorships and Events at T-Mobile, said that the partnership with Beatport is simply about giving users more access to music.
“We believe music should be without limits and our customers can stream all the music they want and never have to worry about excess data charges. By working with SFX, we’re taking that passion for music to the next level and giving our customers more access than ever to the music they love.”
To request an invite for early access to Beatport’s new streaming service, visit the website here.
In addition to the news about its deal with T-Mobile, SFX Entertainment may also be undergoing some corporate restructuring. CEO Robert FX Sillerman offered to take the company private by acquiring SFXE’s outstanding shares of common stock.
The news comes just months after Sillerman made good on a promise to purchase $2.8 million worth of shares in an effort to help stabilize the company’s financial position after he failed to honor a previous commitment to further invest in the company. Allegedly, Sillerman was accused of showing a lack of faith in the success of the company by delaying his purchase.
According to a Seeking Alpha report, Sillerman is proposing to pay $4.75 per share in cash for any outstanding shares of common stock–6.1 percent above the stock’s closing price on Feb. 23. Sillerman is offering any current stockholders who wish to retain their equity in SFXE the chance to remain as investors in the company as well. The announcement inspired a 30 percent spike in the price of SFX shares this morning, ending a long, gradual decline that began this time last year.
Some investors, like Maglan Capital who owns approximately 1.5 percent of SFX’ outstanding stock, are arguing that Sillerman’s offer to purchase the remaining shares at the $4.75 price is a “low-ball bid” and believe the company’s shares are worth well over $10 a share. Maglan representatives told Forbes that the buyout price should reflect the massive business that EDM has become.
“It is only getting bigger and bigger. It is only going more global. This is not disco… If [Sillerman] wants to buy our shares, he will have to pay a higher price.”
Sillerman will submit his proposal to the company’s board of directors and is requesting that the company form a committee of independent directors to evaluate his proposal to aid in the Board’s decision. Any deal to take the company private will then have to be approved by the majority holders of the company’s common stock not already owned by Sillerman, and the Board may still explore alternatives.