Following it’s recent acquisition of TuneCore, Believe Digital have recently become the recipients of a $60 million growth capital investment from Technology Crossover Ventures (TCV) and XAnge.
Believe Digital counts among its many clients Nettwerk Records, Planet Records, Green United Music, One Little Indian, Hospital Records, Xtra Mile Recordings and Southern Record Distribution. The acquisition of its US rival TuneCore brings it’s annual turnover to around $250.
CEO and Founder Believe Digital Group, Denis Ladegaillerie commented: “Believe Digital aims to become the global leader in digital distribution and label services; the rapid growth of digital music sales (which now surpass CD sales in many countries) is contributing to making Believe Digital and TuneCore increasingly attractive alternatives for labels and artists”.
He continued: “The future is exciting and this capital will empower us to invest more to make our artists and labels successful, hire music, digital marketing and technology talents and explore targeted acquisition opportunities with companies that share our vision and goal”.
Believe also work with artists including Public Service Broadcasting, Chinese Man, James Vincent McMorrow, Breton, Gavin James, The 2 Bears, Queen, Monty Python and Deep Purple.
TVC, a highly respected investment firm with a deep knowledge of the digital music and video space also hold investments in Facebook, Spotify and Netflix.
The Gen: our specially curated round-up of all the latest and greatest news, views, and events, keeping you in the loop!