Believe Digital Acquires TuneCore…
A couple independent digital distributors have consolidated. Label service company Believe Digital has acquired indie artist distribution company TuneCore. The press release describes it as a “partnership”, but it is an acquisition.
TuneCore artists will get access to Believe Digital’s wider distribution network and label services, with offices in 29 countries and a staff of 250.
Denis Ladegaillerie, Believe Digital Founder and President, says:
“The success of TuneCore, its deep commitment to independent artists, and the natural synergy between our services for artists, make this partnership a powerful force to propel artists’ growth. There is a tremendous opportunity for TuneCore & Believe to champion independent artists and their entrepreneurship, and together our focus will be to provide the best comprehensive services to a wider range of musicians around the world.”
TuneCore has paid out a total of $504 million to artists, though its broader business model has largely disappointed. In heady days of last decade, VCs plowed money into ‘DIY’ artist distribution services like TuneCore, but a myriad of issues ultimately dampened revenues and prevented giant ‘exit events’ like IPOs and major acquisitions. Believe’s more label-focused digital distribution segment has also faced serious pressures, which makes the consolidation less about growth and more about survival.
The post Believe Digital Acquires TuneCore… appeared first on Digital Music News.
Source: Industry News
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