Downtown Music Holdings subsidiary AVL Digital Group has acquired FUGA
Downtown Music Holdings subsidiary AVL Digital Group -- a global network of music distribution and monetization brands, including CD Baby and AdRev -- has acquired the Netherlands-based B2B music technology and services company FUGA, it was announced Wednesday . FUGA will continue functioning as a standalone business following the acquisition.
Since 2008, FUGA has provided content management, workflow and distribution services to more than 500 distributors, record labels, artist services companies and other rights holders via its signature FUGA platform, providing direct access to over 260 digital service providers worldwide. It also offers full-service marketing, promotion, monetization and label services to the independent music sector.said the company “could not be more enthusiastic” about becoming part of the AVL portfolio.
The deal with Downtown/AVL will provide expanded resources, infrastructure and global scale for FUGA and its clients and partners, allowing the company to more quickly bring additional services to market. In his own statement, AVL CEOcites FUGA’s ”robust technology, well-earned reputation for innovation on behalf of the clients they serve, and global perspective of the digital music industry.
With today’s deal, Downtown now boasts 500 employees and manages more than 20 million copyrights worldwide, with operations spanning 19 cities across five continents. Last March, Downtown Music Holdings -- the parent company of Downtown Music Publishing and Songtrust -- acquired AVL, which claims to represent the largest independent sound recording catalog in the music industry. At the time of the acquisition, Downtown's publishing division was already an independent leader in the industry. Meanwhile, Songtrust currently serves over 300,000 songwriters across 2 million song copyrights.
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