Sony Music Entertainment (SME) has acquired Cobalt Music, one of Greece’s most prominent independent music labels.
The investment marks a rebuilding of the company Sony Music Entertainment Greeceis a new division of Sony Music that the company says “reinforces” its “commitment to expanding its footprint in rapidly growing international markets.”
Anna Maria Antippas has been appointed Managing Director of Sony Music Entertainment Greece.
The executive brings extensive industry experience to the company, having held leadership positions in the Greek music industry for nearly two decades.
Founded in 1957, Cobalt Music has been active in the Greek music scene for decades, building a catalog of what Sony calls “iconic local repertoire.” Sony said it also operates “selective, capital-efficient front-line businesses.”
Sony added that “well-known Greek artists and labels” currently owned by Cobalt Music will now benefit from Sony Music’s “technical expertise, marketing resources and global distribution network”.
Commenting on the acquisition, Sony Music Continental President Europe and Africa Daniel Lieberberg said the company saw “huge potential in the Greek market”.
He also praised the market’s “rich musical heritage and vibrant contemporary scene”.
The Greek music industry has grown significantly in recent years, with total revenue from recorded music reaching $70.4 million 2023 marks the year 14.91% increased from the previous year.
Streaming is the major revenue driver for the market, accounting for 63.1% Total revenue ($44.4 million), reflecting 15.2% annual growth.
In addition, synchronized revenue has also seen considerable growth 49.4% Increased in 2023.
Sony said this “strong growth” made Greece an “emerging force” in the global music industry. Domestic artists dominate Greece’s local music charts, with all of Greece’s top 10 songs in 2023 being released by local artists.
“We see huge potential in the Greek market, which has a rich musical heritage and a vibrant contemporary scene.”
Daniel Lieberberg, Sony Music Continental Europe and Africa
Daniel Lieberberg, President of Sony Music Europe and Africa, added: “With the acquisition of Cobalt Music, we aim to provide more development opportunities for local artists.
“Under the leadership of Anna Maria Antipas, we will preserve the legacy of Cobalt Music while bringing Greek music to a wider global audience.”
“I am honored to lead Sony Music Entertainment Greece and be part of this incredible opportunity for our artists.”
Anna Maria Antippas, Sony Music Entertainment Greece
Anna Maria Antippas, Managing Director of Sony Music Entertainment Greece, said: “I am honored to lead Sony Music Entertainment Greece and to be part of this unique opportunity for our artists.
“This allows us to leverage Sony’s global platform while continuing to champion the rich cultural heritage of Greek music. I look forward to forging new partnerships, nurturing talent and connecting our artists to the world.”
Sony’s investment in Greece’s Cobalt marks the company’s latest acquisition after Sony Music Group chairman Rob Stringer made comments about SMG’s M&A strategy during a speech at the Sony Group’s annual business unit meeting in May. “We have certainly been the most aggressive major music group in M&A over the past three years,” Stringer said.
Sony’s M&A strategy also focuses on emerging markets. Stringer revealed in May that Sony Music “recently acquired Spain’s top independent record label” Altafonte” “We are now in our second year of Brazilian brand integration,” he added. as river”.
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