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Believe Digital raises $60M from TCV, XAnge & GP Bullhound Sidecar

record label (1)

Believe Digital, a digital distributor and label services providers, has raised $60 million in funding from Technology Crossover Ventures (TCV), existing investor XAnge and GP Bullhound Sidecar. Believe Digital will use the funds to invest in marketing, hiring across music, digital marketing and technology talent. It will also use scan the industry for possible acquisitions. TCV’s general partner John Rosenberg will join the board of Believe Digital.

According to a MusicBusinessWorldwide report, Believe acquired rival digital music distribution company Tunecore in April this year for an undisclosed sum. The acquisition would give Tunecore access to Believe’s global services, a DIY record label experience and global support as well as additional services. Believe had said then that Tunecore would operate independently with respect to operations and staff but it had formed a new corporate entity called Tunecore & Believe Digital Services.

Tunecore, which was founded in 2005, claimed to have independent artists who earned revenues worth over $500 million from over 15 billion downloads and streams since its inception. Believe claims to have clients in World Circuit, Nettwerk Records, Planet Records, Green United Music, One Little Indian, Hospital Records, Xtra Mile Recordings and Southern Record Distribution among others. It said that it has worked with bands like Queen, Monty Python and Deep Purple among others.

Founded in 2005, Believe Digital currently employs over 300 people in 30 offices worldwide. It provides services like label, digital music and video distribution, digital marketing and promotion, synchronization and neighboring rights management with an in house record label called Believe Recordings and DIY services from Tunecore.

TCV had previously invested $250 million in a Series F round in Spotify in November 2013.

Recent developments in the music space:

– After launching an initiative called YouTube for Artists earlier this year, YouTube introduced a data tool called Music Insights which would give artists YouTube views insights on their videos, yesterday.

– Last week, music corporation Universal Music Group partnered with film director Mohit Suri to re-launch the music label EMI Records in India. EMI Records would provide a platform for creative development to artists to showcase their film and non-film music including live, branded, endorsement and merchandising businesses’ content.

– Last month, music streaming service Rdio, which launched in India this January, introduced an on-demand subscription based option called Rdio Select for its users. Priced at Rs 60 per month for Indian subscribers, Rdio Select will cost its US counterparts $3.99 per month.

– In the same month, online music streaming service Grooveshark shut shop after admitting to not getting licenses from right holders to stream music on its platform. This shut down was a part of a settlement between Grooveshark and record companies Universal Music Group, Warner Music Group and Sony Music Entertainment and Grooveshark does not expect to be resurrected.

Image Credit: Flickr user Digboston

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