France-based digital music company Believe has announced that it will acquire full ownership of Doğan Music Company (DMC), which Believe describes as Turkey’s largest independent record label, following regulatory approval of the deal.
Believe said the move will solidify its position as the market leader in Türkiye. DMC features many of Türkiye’s top artists including symbolwhose let me be your lover is the most played song Spotify in Türkiye in 2023, and Semisenkhe was the most played artist in Türkiye last year.
“Since Believe was launched on the market in 2012, the Turkish music industry has changed dramatically, with streaming steadily growing and countless artists and labels reaching new and wider audiences at home and abroad.” Victoria SiniavskayaBelieve President META, Eastern Europe, Southern Europe, America.
“On Spotify alone, the top 100 local artists have grown from 11 local artists in 2013 to 91 in 2023! I’m excited for Believe to be a key driver of this evolution, along with DMC and our digital partners. Extremely proud to have driven the digitization of the market and local music genre.
I believe it was initially taken 60% DMC shares held in 2020 18.8 million euros (net of €1.6 million in acquisition cash), in August this year the company announced plans to exercise a call option to purchase the remaining 40%.
The company revealed it would pay 38.3 million euros (about $41.8 million at the prevailing exchange rate) in exchange for shares.
“Since Believe was launched on the market in 2012, the Turkish music industry has changed dramatically, with streaming steadily growing and countless artists and labels reaching new and wider audiences at home and abroad.”
Victoria Siniavskaya “Believe”
“This is an incredibly exciting new step for all the talented artists and labels we represent, who will now fully benefit from Believe’s best-in-class digital expertise, top-notch service,” said DMC CEO Provider partnerships and global footprint. Samson Demir explain.
“This acquisition marks a new step for the Turkish music industry as a whole, which will undoubtedly fuel the rise of new local artists and labels, and allow the vibrancy and richness of the Turkish music scene to reach new audiences around the world. new heights.
Believe’s acquisition of DMC comes a few months after the company announced its acquisition. 25% invest global recordis an independent record label based in Romania with offices in Germany and the United States. The company is considered the largest independent music company in Central and Eastern Europe.
The deals are among Believe’s first since its founder and CEO, Denis Radgallerytaking almost complete control of the company as part of a consortium EQT and TCV. As of July, the consortium has held 96% Equity that believes.
“This acquisition marks a new step for the entire Turkish music industry and will undoubtedly promote the rise of new local artists and record labels…”
Samsun Demir, Doğan Music Company
during an interview MBW In June, Ladegaillerie made it clear that he planned to continue Believe’s global expansion, particularly into major music markets.
“The first element of our acquisition strategy today is the top ten markets. We want to be number one in these markets. We are already the biggest player [on local repertoire] In France; third largest player in Germany; largest player in India; third largest player in Japan. We want to do more. The US, UK and Japan are all key priority markets for us,” said Ladegaillerie.
“At the same time, we will continue to make very qualitative, targeted acquisitions in various areas [smaller] As you’ve seen recently in Türkiye, the Philippines, and elsewhere.
Believe’s most high-profile acquisitions in recent years include French independent label Joe&CoGerman independent dealer Rhythm attacka minority stake in the Philippines Viva music and artist group (VMAG) and Indian labels Think about music and Venus music (Now Ishtar). The company also acquired the so-called “Punjab Powerhouse” catalog from India. Baishan Music.
Last year, Believe expanded into music publishing by acquiring the British-born music company. Centric.global music business
