Photo Credit: A J.
With an eye on spearheading further expansion initiatives, Beatport has scored an investment from Square Nine Capital.
Denver-headquartered Beatport and Peter Ma-founded Square Nine recently announced the underlying agreement – albeit without divulging the hard numbers at hand. Keeping the focus on what we do know, the latter entity doesn’t “(c)ontrol equity investments” but does make “debt investments at or near the top of the capital structure,” according to its website.
Running with the point, the newly disclosed pact “refinances an existing credit facility and provides additional capital” to the AI-free electronic music platform, the involved parties relayed.
Time will tell precisely how 22-year-old Beatport utilizes said capital. But out of the gate, the company highlighted forthcoming expansions “across its platform, products and broader ecosystem.”
Meanwhile, CEO Matt Gralen, whose business wrapped its second Connect LA event late last month, touched on plans to “expand the ways we serve the global electronic music community.”
“We are excited to welcome Square Nine as a new capital partner to Beatport,” added the Goldman Sachs and Raine Group vet Gralen. “Square Nine shares our conviction in Beatport’s leading position and strategic role, and we look forward to working together as we continue to invest in our platform and expand the ways we serve the global electronic music community.”
And in remarks of his own, Square Nine principal Christopher Brown touted Beatport’s “exceptional business” and “truly differentiated position within the global music ecosystem.”
“The company has an iconic brand, a deeply engaged community and a strong foundation to continue building on its leadership position within electronic music,” Brown proceeded. “We are excited to partner with the Beatport management team and Axar Capital as the company builds on its impressive momentum.”
In the bigger picture, the just-revealed investment arrives against the backdrop of ongoing growth for and investments in electronic music.
Last month, following the May debut of Club Live, Apple Music confirmed that it would exclusively stream the Head Trip festival, which is set to take place at the Empire Polo Club this coming Saturday and Sunday.
Though the remote-viewing option’s schedule wasn’t immediately available, the Apple-owned DSP subsequently unveiled an all-encompassing opening-day lineup beginning with Seth Troxler at 4:30 PM PT and concluding with Calvin Harris’ headlining performance at 11 PM PT.
Additionally, Apple Music’s day-two Head Trip livestream will kick off with DJ Harvey at 3:30 PM PT before finishing with Swedish House Mafia’s 10:30 PM PT closing set, the streaming schedule shows.
Also booked for October 10th and 11th: the Palm Tree Music Festival Montecito. Returning to the Santa Barbara Polo & Racquet Club, which is about 200 miles from the Empire Polo Club, the Kygo-founded event has expanded from one to two days this time around.