Beatport Acquires Majority Stake In International Music Summit
Written by djfrosty on January 31, 2023
The Beatport Group has acquired a majority stake in the International Music Summit, the electronic music and culture platform known for its flagship industry conference, IMS Ibiza, Billboard can exclusively reveal.
This partnership is intended to secure the growth of IMS, which has happened annually in Ibiza since 2007 (minus the two years it rolled out online during the pandemic) and has over the years produced additional summits in Los Angeles, Shanghai, Singapore and Malta.
Via this partnership, IMS has plans to again expand its global footprint, with details forthcoming. IMS will continue to operate under the direction of its co-founders, with full support from The Beatport Group. (The Beatport Group currently encompasses digital electronic music store Beatport, open format DJ community Beatsource, Loopmasters, Loopcloud and other platforms.)
Financial terms weren’t disclosed.
IMS Ibiza was founded in 2007 by five partners including dance scene pioneer Pete Tong and industry exec and artist manager Ben Turner, with the intention to create a hub for conversation and progressive change within electronic dance music.
“We are very proud of what we’ve built at IMS over these past 16 years, driving the narrative and agenda of the culture forward from the genre’s spiritual home of Ibiza,” IMS’ founding partners say in a joint statement.
“Aligning with Beatport, who have been supporters of IMS from our inception,” the statement continues, “will enable us to action many of our ideas on how to continue to grow the platform all year round; to further educate and mentor the next generation; and to help focus the industry’s attention on the issues that matter. It will help increase our ability to have more impact for the genre.”
The next IMS Ibiza summit is set for April 26-28 at the island’s luxe Destino Pacha Ibiza resort. This three-day conference will again feature keynotes, seminars, performances, masterclasses, mentorship, health and wellness initiatives, parties and much more. A pillar of the conference is its annual presentation of the IMS Business Report, the annual valuation of the global electronic music industry presented in conjunction with data and analysis on myriad aspects of the business. IMS Ibiza 2023 will once again be hosted by Tong and fellow BBC Radio 1 presenter Jaguar.
“IMS has become one of the most impactful gatherings for the global DJ and dance music industries, and everyone at Beatport is excited to take this brand to the next level,” Beatport CEO Robb McDaniels says in a statement. “We look forward to partnering with Pete, Ben and the entire IMS team to broaden the IMS footprint as a major component of our plan to expand the Beatport brand around the world through community, education, and thought leadership initiatives.”