Sony Music Entertainment (SME) has acquired Cobalt Music, one of Greece’s most prominent independent music labels.
The investment marks the re-establishment of Sony Music Entertainment Greece, a new branch of Sony Music that the company says “reinforces” its “commitment to expanding its footprint in fast-growing international markets”.
Anna Maria Antippas has been appointed Managing Director of Sony Music Entertainment Greece.
The exec brings a wealth of industry experience to the company, having held leadership positions within the Greek music industry for almost two decades.
Founded in 1957, Cobalt Music has been present in the Greek music industry for decades, building a catalog of what Sony calls “iconic local repertoire.” Sony says the company also runs “selective, capital-efficient frontline operations.”
Sony added that “renowned Greek artists and catalogs” that currently sit within Cobalt Music will now benefit from Sony Music’s “technology expertise, marketing resources, and worldwide distribution network”.
Commenting on the acquisition, Daniel Lieberberg, President of Sony Music Continental Europe and Africa, said the company sees “enormous potential in the Greek market”.
He also praised the market’s “rich musical heritage and vibrant contemporary scene”.
The Greek music industry has seen significant growth in recent years, with total recorded music revenues reaching USD $70.4 million in 2023, marking a 14.91% increase versus the previous year.
Streaming is the market’s primary revenue driver, accounting for 63.1% of total revenues (USD $44.4 million), reflecting a 15.2% year-on-year growth.
Additionally, sync revenues saw a substantial 49.4% increase in 2023.
According to Sony, this “robust growth” positions Greece as “an emerging force” in the global music industry. Domestic artists dominate the local charts in Greece, with all Top 10 tracks in Greece for 2023 released by local artists.
“We see enormous potential in the Greek market, which has a rich musical heritage and vibrant contemporary scene.”
Daniel Lieberberg, Sony Music Continental Europe and Africa
Daniel Lieberberg, President, Sony Music Continental Europe and Africa, added: “By acquiring Cobalt Music, we aim to provide even more opportunities for local artists to thrive.
“Under Anna Maria Antippas’ leadership, we will preserve the legacy of Cobalt Music whilst also bringing Greek music to a wider global audience.”
“I am honored to lead Sony Music Entertainment Greece and to be a part of this incredible opportunity for our artists.”
Anna Maria Antippas, Sony Music Entertainment Greece
Anna Maria Antippas, Managing Director of Sony Music Entertainment Greece, said: “I am honored to lead Sony Music Entertainment Greece and to be a part of this incredible opportunity for our artists.
“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.”
Sony’s investment in Cobalt in Greece marks the latest acquisition for the company and follows comments made about SMG’s M&A strategy by Sony Music Group Chairman Rob Stringer during his presentation at Sony Group’s annual Business Segment Meeting in May. “We are undoubtedly the most aggressive major music group in M&A over the last three years,” said Stringer.
Sony’s M&A strategy has also focused on emerging markets. Stringer disclosed in May that Sony Music had “recently bought top Spanish independent label Altafonte” and added that “we are now through the second year of our integration of the Brazilian label Som Livre.”
Brazil’s competition watchdog CADE (Conselho Administrativo de Defesa Econômica), approved Sony Music’s $255 million acquisition of Som Livre, the owner of Brazil’s biggest domestic record label, in 2022.Music Business Worldwide
