The company behind Live Nation, SFX have announced their acquisition of online electro and dance music retailer Beatport.

Beatport boasts 40 million users after becoming a focal point for EDM fans to not just buy music but also check out news and share loops and patches via a Sounds To Sample service.

SFX have reportedly picked the site up for $50m after their CEO Bob Sillerman promised to invest $1billion into Electro-Dance music. Live Nation has become one of the worlds biggest gig promoters so this can only mean good news for the service. Sillerman spoke of the deal "Beatport gives us direct contact with the DJs and lets us see what's popular and what's not. Most important, it gives us a massive platform for everything related to E.D.M."

Beatport CEO Matthew Adell also suggested that the company would use SFX's world wide influence to move into emerging dance music markets, including India and Brazil.