Association of Independent Musicians Expresses Concern Over Warner/Believe Potential Acquisition

Photo Credit: AIM

The Association of Independent Musicians (AIM) in the UK has expressed concerns over the potential Warner Music acquisition of Believe.AIM is a not-for-profit organization that represents and supports the UK independent music community, which makes up a third of the UK recorded music market. AIM’s members range from large, respected record labels and music businesses to DIY or self-releasing artists. AIM exists to level the playing field for UK independent music businesses, which is why CEO Silvia Montello is expressing concerns.

“The potential acquisition of believe by Warner Music is gravely concerning,” says Montello. “this would play into an aggressive and worrying trend of major label groups buying up independent labels and distributors, further consolidating the global recordings market and damaging the health of the independent sector.”“It is vital that we maintain a wide choice of distribution partners for those artists and labels who wish to remain independent, while ensuring that the growing independent sector retains access to avenues for financing and remains an attractive option for investment.”

Some of the music businesses represented by AIM include 4AD, Black Acre, Beggars Group, Chrysalis / Blue Raincoat, CTRL Music, Domino Recording Co, FAMM, Finesse Foreva, Hospital Records, HQ Familia, The Leaf Label, Ninja Tune, NQ Recordings, Numbers, Partisan, Transgressive, Scruff of the Neck, Secretly Canadian, Stones Throw, Supernature, Warp, and XL Recordings.

Warner Music Group on Thursday confirmed its interest in acquiring French digital music company Believe SA at a price basis of “at least €17 per share.” WMG says it is currently awaiting access to the due diligence information requested on February 27, which it considers key to allow it to submit a formal proposal for acquisition.

“WMG would provide Believe with strategic support and financial stability to help the development and growth of the company, including by accelerating its expansion into new geographies,” said WMG CEO Robert Kyncl about the potential deal.