BMG is setting up shop in Brazil, after acquiring the assets of local publisher Basement Brazil.
Its founder John Telfer will now be managing director of BMG Brazil, based in São Paolo. He described the launch as “one of the most significant developments in the Brazilian music market for many years”, while BMG’s EVP of business strategy Thomas Mackenbrook hinted at more activity to come.
“We are excited to open our first office in Brazil and have a clear objective of further growth in this market – both organically and through acquisition,” he said.
Brazil is the 12th territory in which BMG is operating directly, with the company having recently launched an Australian office too.
The company noted that Brazil is the tenth largest market for recorded music according to the IFPI, and the eighth for music-publishing collections according to CISAC.