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Business News Deals Digital Labels & Publishers
Sony Music invests six figure sum in Gigmit
By Andy Malt | Published on Wednesday 26 October 2016
Sony Music has invested a six figure sum in Berlin-based online gig booking platform Gigmit, giving the major label a 15% share in the company, according to Grüenderszene.
Gigmit is an online database of artists and gigs, allowing clubs, promoters and festivals to book acts. To date the service has worked with festivals, including Berlin Music Week, Melt, Sziget and Tramlines.
“The Gigmit business model and our expertise in developing new talent sustainably are a perfect match”, says Philip Ginthör, CEO of Sony Music Germany, Switzerland and Austria. “Through this partnership we will generate both artistic success and economic growth”.
Gignit CEO Marcus Rüssel adds: “I’m really happy to have as strong a partner as Sony Music by our side. This is our biggest deal to date. Through the effective use of synergies, Gigmit will be able to refine its content, which in turn will allow us to strengthen our position and increase our influence in the German-speaking market”.
