Warner Music Group has acquired a stake in Hungarian file label, Magneoton, whereas additionally extending its longstanding licensing settlement with the agency.
Monetary phrases of the stake buy weren’t disclosed in a press launch asserting the transfer on Thursday (June 22).
The collaboration additionally covers a brand new distribution deal and a joint plan to nurture native expertise. Magneoton will proceed serving as a licensee for WMGs worldwide repertoire, WMG mentioned.
The partnership between WMG and Magneoton lengthen again three many years. Initially established by former famous person artist László Pásztor and artist supervisor István Joós, Magneoton was acquired by WMG in 1993 and operated as Warner Music Hungary till 2004.
Following a administration buyout, Magneoton continued its journey as a neighborhood unbiased label, finally changing into Warner Music’s licensee in 2010.
Since then, Magneoton has expanded its enterprise over time, encompassing administration companies, live performance group, and digital music company operations. The label has collaborated with native artists resembling Majka, Curtis, DR BRS, Lotfi Begi, in addition to rising abilities like bongor and Sisi, who’ve captivated the city music scene.
“Whereas Magneoton will proceed to behave as a licensee for our worldwide repertoire, we’ll now even be working collectively to find nice Hungarian artists and take their music to the world.”
Izabela Ciszek-Podziemska, Warner Music South East Europe
Izabela Ciszek-Podziemska, Basic Supervisor, Warner Music South East Europe, mentioned: “This newest part in our relationship with Magneoton marks a major return to Hungary by Warner Music. Whereas Magneoton will proceed to behave as a licensee for our worldwide repertoire, we’ll now even be working collectively to find nice Hungarian artists and take their music to the world.”
Magneoton Basic Supervisor Noemi Virag Csontos added: “Magneoton and Warner Music have a wealthy historical past of working collectively and producing unbelievable outcomes for our acts. This deal highlights our dedication to breaking Hungarian artists internationally, whereas giving native followers unparalleled entry to music from a few of the world’s greatest stars.”
To mark their renewed settlement, Magneoton and WMG will launch Heartbreak, a collaboration between Lotfi Begi and Cecilia Gault.
“Magneoton and Warner Music have a wealthy historical past of working collectively and producing unbelievable outcomes for our acts. This deal highlights our dedication to breaking Hungarian artists internationally, whereas giving native followers unparalleled entry to music from a few of the world’s greatest stars.”
Noemi Virag Csontos, Magneoton
The 2 corporations are additionally set to drop a monitor known as Heaven by Stadiumx, Sam Martin, and Azahriah on Friday (June 23). Stadiumx is among the many most streamed Hungarian acts of all time, delivering hits with the most important EDM stars together with David Guetta, Nicky Romero and Bob Sinclar. On Spotify, the duo has attracted nearly 468,000 monthly listeners up to now.
In the meantime, Azahriah is a neighborhood artist who has been making waves on the Hungarian music scene. With over 544,000 monthly listeners, the artist not too long ago landed eight tracks on the native Prime 10 Spotify chart.
The acquisition of a stake in Magneoton by Warner Music represents the most recent growth of the latter’s presence in Japanese Europe. It not too long ago appointed Izabela Ciszek-Podziemska as Basic Supervisor of Warner Music South East Europe, and invested in Serbian file label Mascom Data and Polish promoter Huge Thought, a partnership with Poland’s Step Data.
WMG additionally acquired Slovakia’s Opus Data, and collaborated with Czech Republic hip-hop label Mike Roft.
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