One of the major label and world leader in music-based entertainment Universal Music Group (UMG) has strengthened its commitment to independent artists and labels through an agreement to acquire Ingrooves Music Group.
Ingrooves Music Group is 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 separate unit within UMG.
According to the announcement, the acquisition of Ingrooves is expected to close before the end of the current quarter and balances UMG’s existing distribution and marketing relationships with the global independent music community.
Boyd Muir, Executive Vice President, Chief Financial Officer and President of Operations 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.”
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.
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.”
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.