After early reports yesterday, it’s now been confirmed: Tencent Music (TME) and its original parent company Tencent Holdings have acquired a minority stake in Instrumental, the British startup focused on data-driven A&R.
The deal includes an “exclusive relationship with TME in China” for artists signed to Instrumental’s label services and publishing arm Frtyfve.
“Like us, Tencent have identified the power and potential of data science in the discovery and development of high potential new artists. I am looking forward greatly to collaborating with Tencent and TME, including the opportunity to expand our business into China,” said Instrumental CEO Conrad Withey in a statement.
“This deal will allow Instrumental to accelerate our commitment to becoming an artist-first business, delivering insights and partnerships directly to the great talent discovered by our app.”
Instrumental, whose investors also include WMG, is planning to expand into merch, livestreaming and brand partnerships.
No comments:
Post a Comment