Matthew Adell, Beatport

Beatport CEO Matthew Adell attends IMS Engage in partnership with W Hotels Worldwide at W Hollywood on April 17, 2013 in Hollywood, California.

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Beatport CEO Matthew Adell will be stepping down into an advisory role for Beatport's parent company SFX, a spokesperson has confirmed exclusively to Billboard. "His vision and dedication has helped make Beatport the company it is today, and we wish him well in all his future endeavors," the spokesperson told us.

Beatport, an online electronic music portal frequented by DJs and producers, was founded in 2004 and acquired by Robert Sillerman's electronic dance music conglomerate SFX in early 2013. “Beatport is unquestionably the source for EDM music for DJs, and consequently it provides the backbone -- the DNA, if you will -- for what is successful and what people like,” Sillerman told Billboard at the time. “It provides us a great starting point for really everything we do.”

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Speaking to the acquisition, Adell told us that "It’s like a new job, a little bit. The team at SFX has a similar strategy that Beatport always had -- now we just have friends we can execute it with." Adell said, in a crowdsourced interview on Reddit that same year, that the acquisition was “positive," with regards to it being in Beatport's best interests.

Since SFX's acquisition, Beatport underwent a significant round of layoffs last December. SFX president Tim Crowhurst said that "we were spread a bit too thin. We had to make some hard choices, frankly, to restructure the team and get everyone focused on one vision.”

Lloyd Starr will continue on as COO of Beatport and will also be elevated to the role of president of Beatport Pro, the company’s music service for DJs. Starr, the company's third employee, was hired in 2003 before the site launched.

“I’m humbled by this opportunity to lead the evolution of Beatport into what is going to be an exciting future,” said Starr. “I’m looking forward to working with Beatport’s suppliers, partners, customers, and fans to continue offering the quality experience they’ve come to expect.”