Wednesday, December 4, 2024
Sony Music Entertainment is sliding back into Greece via the acquisition of Cobalt Music, one of the country’s longest-lived independent labels.
The move marks the re-establishment of Sony Music Greece, giving the label group a strong presence in one of Europe’s faster-growing markets and affording a wider audience to popular Greek artists whose catalogs reside with Cobalt, as well as the indie’s current roster.
Total recorded music revenue in Greece reached $70.4m in 2023, a 14.91% increase from the previous year, according to IFPI. The market’s primary driver is streaming, which accounts for 63.1% of total revenue.
SME Greece Managing Director Anna Maria Antippas (pictured) said, “This enables us to leverage Sony’s global platform while continuing to champion the rich cultural heritage of Greek music. I look forward to fostering new partnerships, developing talent and connecting our artists to the world.”
Daniel Lieberberg, president, Sony Music Continental Europe and Africa, added, “We see enormous potential in the Greek market, which has a rich musical heritage and vibrant contemporary scene. By acquiring Cobalt Music, we aim to provide even more opportunities for local artists to thrive. Under Anna’s leadership, we will preserve the legacy of Cobalt Music while bringing Greek music to a wider global audience.”
The acquisition marks the latest step in SME’s M&A strategy, which has also seen the recent purchase of Spanish label Altafonte and the continued integration of Brazil’s Som Livre.
Another label exec who declined to be identified was heard to ask, “Τι θέλουν τώρα αυτοί οι HITS ηλίθιοι?”
