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what happened?
universal music group Acquired stake in youth media platform, Complex.
UMG become a strategic partner of Complex with other investors Goldman Sachs, Main Street Advisorsand Jimmy Iovinethrough an agreed acquisition utilizing a live video shopping platform. NTWRK become the official owner of Complex and its network.
Complex Sold to BuzzFeed for a considerable amount of money USD$294 million In November 2021. buzzfeed Today (February 21st), NTWRK (and their backers) have now agreed to buy. Complex in $108.6 million Obtaining cash.
Press release issued by universal music group I said this today NTWRK Acquisition by consortium Complex will “create a new destination for 'superfan' culture that will define the future of commerce, digital media and music.”
What will happen? UMG's Will “strategic partners” play here? Fair assumption: This includes directly selling music-related “superfan” products (sneakers, streetwear, collectibles, records, experiences, etc.). complex culturally savvy audience NTWRK's technology.
this is Sir Lucian Grainge's Stated UMG's priorities for 2024.
In January, Grainge told staff in his New Year's book: super fan experience And the product. ”
What is the background?
NTWRK Co-founded in 2018 jamie iovine with (Jimmy's son) Gaston Dominguez Letelier and Aaron Levant. According to his UMG media release today, the livestream U.S. shopping industry in which NTWRK operates is “estimated to reach… $68 billion Increase unit sales by 2026.”
Levanthas served as CEO of NTWRK since its inception and will now serve as CEO of NTWRK. Complex, It appears to be equivalent to a merger between two properties.
Interscope Geffen A&M (IGA) and capitol music group It will be the first universal label to use NTWRK/.Complex “Superfan” strategy.
According to today's announcement, the labels will use their new relationship to “bring industry-leading, culture-moving experiences and exclusive collaborations directly to passionate music fans in a groundbreaking and authentic way. “We will do so.”
“This partnership gives our artists access to a dynamic network and deepens their connections with superfans through unique collaborations and cultural moments.”
John Janik, IGA
IGA has previously promoted exclusive collaborations with NTWRK. BLACKPINK×Muracamme and that interscope 30th anniversary vinyl collection.
“this [UMG/NTWRK/Complex] This partnership gives artists access to a dynamic network and deepens their connections with superfans through unique collaborations and cultural moments. ” John Janik, Chairman and CEO of IGA, said: I said it today.
JanicHe will also serve as a director of the combined company, adding: “We share a common vision of how direct-to-consumer, experiential, brand partnerships and content mutually reinforce the foundations of the fan experience.
“We will continue to sign and elevate a new generation of great talent and believe we can best serve these artists through our collective talent set.”
NTWRK has partnered with other cultural and entertainment figures, including Post Malone and Lewis Hamilton.
lastly…
What's interesting is that UMG has acquired a stake. Complex arrive in the same month Robert Kinkle – CEO warner music group – confirmed WMG There are active discussions to sell the two. complex Long-time rivals in the media: aprox and Hip hop DX.
As part of the plan review Ten% This year's WMG personnel reductions, Kinkle Warner confirmed on February 7 that it was looking for a buyer. aprox and Hip hop DX.
Elsewhere, Warner is shutting down social meme platform IMGN plus podcast brand interval present, The company aims to exit from “owned and operated” media assets.
Kyncl told staff that Warner's owned media brands include: aprox and Hip hop DX Warner's acquisitions in 2018 and 2020, respectively, have “operated outside of our core responsibilities to our roster.”
sony music group orchard It continues to own media assets aimed at fans of niche music culture. metal is no good and metal injection.
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