New York, NY (Top40 Charts) Universal
Music Group (UMG), the world leader in music-based entertainment, is strengthening its commitment to independent artists and labels through an agreement to acquire Ingrooves
Music Group, an innovative independent music distribution and marketing company. UMG has been a minority investor in Ingrooves since 2006, and under the agreement, will acquire the shares of Ingrooves that it doesn't already own. After the transaction closes, Ingrooves Chief Executive Officer Bob Roback will continue to lead the company as a standalone unit within UMG.
The acquisition of Ingrooves is expected to close before the end of the current quarter and complements UMG's existing distribution and marketing relationships with the global independent music community. As a longtime partner and client of Ingrooves, UMG has a deep understanding of the company and its innovative technology and data insights, and will work closely with the Ingrooves management team to provide additional resources and expanded geographic reach.
Additionally, UMG will form a strategic partnership between its Caroline International division and Ingrooves to form a robust platform for distribution, marketing and label and artist services throughout the world.
Boyd Muir, Executive Vice President, Chief Financial Officer and President of Operations for UMG, said, "I'm thrilled to advance UMG's long-standing relationship with Ingrooves, a company we already view as a member of our extended family. The continued success of the indie community is vital to the health of our industry, and through our investment in Ingrooves, we will strengthen the services we can offer to independent artists and entrepreneurs. I'm pleased to welcome Bob and his team to UMG and I'm looking forward to growing Ingrooves together."
Bob Roback, CEO of Ingrooves, said, "This acquisition by UMG represents the very best possible outcome for Ingrooves, our employees and our artist and label partners. Our mission at Ingrooves has always been to provide our clients with the very best services and maximize the value of their music. With UMG, we are gaining the resources, global reach and technology to take those efforts to another level. I'm excited at this opportunity and I'm thankful for the support of Boyd and Sir Lucian Grainge."
Since launching in 2002, Ingrooves has provided independent labels, artists and other content owners with innovative and scalable tools that include analytics, rights management services, and marketing solutions. The company combines its powerful technology platform and data-driven insights with a team of global music marketing experts to help labels and artists maximize their success.
About Ingrooves:
Ingrooves is a global music distribution company that provides marketing and rights management services for independent labels and artists. Ingrooves combines a powerful technology platform, data-driven insights and a team of global music marketing experts to help labels and artists maximize their revenue potential in today's dynamic music marketplace.
About Universal
Music Group
Universal
Music Group (UMG) is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content in more than 60 countries. Featuring the most comprehensive catalog of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. Universal
Music Group is a Vivendi company. Find out more at: https://www.universalmusic.com.
