Fast-growing company Concord Music is on the acquisition trail again. It has bought independent latin music firm Fania Records and Publishing for an undisclosed amount – although the New York Times suggested that the price was $30m.
The deal brings around 19k master recordings and 8k compositions under Concord’s wing, including some of the songs that helped spread salsa music to the world.
“Fania’s master recording catalog is the definitive home for genres such as Latin big band, Afro-Cuban jazz, boogaloo, salsa and Latin R&B and includes artistic giants such as Celia Cruz, Willie Colón, Héctor Lavoe and Rubén Blades,” explained Concord.
“As investors, the acquisition makes sense because of the growth in streaming and the demographic shifts in consumption — and we want to be at the forefront of investing in that shift. But, more importantly, we love the music and couldn’t pass on the opportunity to bring the music to future generations around the world,” added CEO Scott Pascucci.
The deal for the ‘Motown of Latin Music’ follows Concord’s $500m+ acquisition of Imagem Music Group last year, and another $150m of copyright buy-ups in the year since. According to Pascucci, the company’s annual revenues will be $400m by 2019.
During a keynote at the Midem conference in June this year, the CEO said that Concord was eyeing more acquisitions as part of its growth strategy. “I think the next couple of years are going to be a combination of growth through various acquisitions, as well as organic growth: doing more with what we have,” he said. “If a sizeable opportunity comes along we’ll be ready to think it through, and maybe seize it.”