TCV Invests in Believe Digital

Believe Logo Noir Square SmallBelieve Digital announces a $60m growth capital investment from Technology Crossover Ventures (TCV) and XAnge.

Created in 2005, with offices in 30 countries, Believe Digital has become the global independent market leader in distributing music and video to online streaming and download services following its recent acquisition of TuneCore. The company’s international presence, digital marketing expertise, its capacity for technical innovation and transparency are being leveraged by independent artists and labels who desire to make the most of their music in a global digital world.

The company is also one of the largest multi-channel networks for video distribution with over 3 billion views per month.

The backing of TCV, a highly respected investment firm with a deep knowledge of the digital music and video space, and the increased investment from XAnge, a historical investor in Believe Digital since 2007, as well as the investment from GP Bullhound Sidecar, and continued trust of Ventech are a statement of confidence in Believe Digital’s strategic vision and ability to execute. TCV General Partner John Rosenberg will join Believe Digital’s Board of Directors.

CEO and Founder Believe Digital Group, Denis Ladegaillerie said: “Believe Digital aims to become the global leader in digital distribution and label services; the rapid growth of digital music sales (which now surpass CD sales in many countries) is contributing to making Believe Digital and TuneCore increasingly attractive alternatives for labels and artists; the future is exciting and this capital will empower us to invest more to make our artists and labels successful, hire music, digital marketing and technology talents and explore targeted acquisition opportunities with companies that share our vision and goal.”

John Rosenberg from TCV stated: “New distribution channels and digital marketing services are reshaping the global music industry. Through technological innovation and a highly disruptive and transparent business model, Believe Digital has become a powerful force in the global music industry, enabling independent labels and artists to capitalize on these emerging trends.  We are delighted to support Denis and his team as they continue their impressive journey.”

Rodolphe Ménégaux from XAnge: “Believe has become a leader in the digital music industry; we are very proud to be an early investor and continue investing in such a fast growing company. Believe has recently made an impressive step forward in consolidating the industry with the acquisition of TuneCore; we are delighted to support Denis and his team in this new market phase to build the leading global independent player in the industry.“

Believe Digital counts among its many clients such companies as World Circuit, Nettwerk Records, Planet Records, Green United Music, One Little Indian, Hospital Records, Xtra Mile Recordings and Southern Record Distribution. It is also privileged to work with many talented artists including Chinese Man, James Vincent McMorrow, Breton, Gavin James, The 2 Bears, Public Service Broadcasting, Queen, Monty Python, Deep Purple and many others.

The company recently acquired leading DIY distribution service tunecore.com, which provides access to online music services for all emerging artists. TuneCore brings more music to more people, while helping musicians and songwriters increase money-earning opportunities and take charge of their own careers. The company has one of the highest artist revenue-generating music catalogs in the world, earning TuneCore artists $541 million from over 15.2 billion downloads and streams since inception.

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