WMG Acquires Social Content Publisher IMGN
Warner Music Group has acquired social media content publisher IMGN for close to $100 million.
IMGN is best known for creating viral TikTok, Snap and Instagram content that helps major brands reach an audience that is 85% Gen Z and young millennials.
It now will presumably do the same for artists signed to Warner Music Group.
IMGN also has a portfolio of 10 channels on Instagram, Snapchat and TikTok. One, Daquan, has over 6.5 million followers on TikTok and over 15 million on Instagram.
Like WMG’s acquisition of UPROXX and to a lesser degree Songkick, the IMGN deal is partially about finding new ways to reach fans – particularly younger fans – directly.
It’s also about data. What are young fans reacting to and how can WMG use it to sign new talent and market its existing artist roster.
“WMG not only offers us greater investment and support, but an entrepreneurial environment to continue growing our business, with the people running our accounts having editorial independence,” states IMGN chief Barak Shragai. “We’re excited to partner with them as we take our company into the future.”