Believe Digital has acquired music publishing company Sentric for $51 million from Utopia Music.
This is a great move from Believe – and as Utopia have been in a lot of issues with debt recently – it feels like a bit of a fire sale.
“The acquisition of SENTRIC is the first step for BELIEVE in the roll-out of a global and comprehensive publishing offer. The growth and digital transformation of the songwriters’ market is opening-up many opportunities. We are excited to be able to immediately expand the services we provide to our existing TUNECORE clients with SENTRIC’s best-in-class royalty collection service, while starting to work on future innovative products and services for all of Believe’s songwriters and publishers.”
BELIEVE CEO DENIS LADEGAILLERIE said,
Believe is currently looking for more acquisitions – they normally focus around record labels, but this put Believe into a completely new market with a strong TAM.