The UK indie label community has welcomed the news that Concord is acquiring Ninja Tune, with mergers and acquisitions between independent music businesses seen as much more preferable to Universal Music gobbling up every record company that ever existed.
Responding to the news of the acquisition yesterday, Ruth Barlow - Chair of the Association Of Independent Music and Director Of Live Licensing at Beggars Group - said, “It’s fantastic to see investment coming from within the independent community itself, which speaks to the strength of the independent sector”.
Ninja Tune is a long-term member of AIM and the label’s boss Peter Quicke had a stint as Chair of the trade body. Barlow’s statement added that Ninja Tune is “an iconic British label” that “has championed some of the world’s most original and diverse artists who have redefined genres”.
The label, she continued, “will remain a core part of the AIM community and we look forward to continuing our close work with Peter Quicke on the AIM board”.
The official announcement of Concord’s Ninja Tune acquisition says that the deal “vastly increases Concord Label Group’s UK and European footprint” while also providing Ninja Tune “with the additional resources necessary to enhance its extensive global frontline success”.
Concord CEO Bob Valentine adds, “Over three decades, the team at Ninja Tune has built a label dedicated to independent artistry. Their amazing roster, and the team’s ambition to continue to grow Ninja Tune, seamlessly align with our vision for Concord’s expanding frontline reach”.
“These attributes alongside the opportunity to greatly expand Concord’s UK and European operations”, he continues, “made this acquisition an obvious strategic fit. I am eager to see our collective vision take form”.
Concord - which is backed by investment giant Apollo Global Management - is also in talks to merge with BMG, a deal that would create a really significant independent player in the music rights business. It was also previously involved in a heated bidding war for Hipgnosis, ultimately losing out to Apollo’s super-fund rivals Blackstone.
The ever-increasing dominance of the three major record companies in the music rights market is, of course, a key concern for the indies. Sony Music buying up the AWAL artist services business, and Universal acquiring [PIAS] and Downtown, has only added to that concern.
Having sizable indie businesses like BMG and Concord, and especially a combined BMG/Concord, is seen by many as a valuable counterbalance. It also means that smaller indies looking for investment, or to sell, have options other than just choosing between Universal and Sony.
Ninja Tune was founded in 1990 by electronic music duo Coldcut, Matt Black and Jonathan More. On the Concord deal, they say, “It is an artist’s prerogative and responsibility to be dissatisfied with what one already knows. To, with sadness, kiss it goodbye and joyfully begin fishing again”.
“Partnering with Concord”, they add, “ensures the culture and ethos that make the label so unique remain, whilst bringing mad Ninja energy and innovation forward”.
The label will continue to be run by its existing management team following the acquisition, which also sees the company's publishing arm Just Isn’t Music becoming part of the Concord group.
