‘Sony Music Entertainment to acquire Brazilian independent music company Som Livre’ is the headline for the major label’s latest deal.
However, it’s a mark of the fluid definition of independence that Sony is actually buying the label from its existing owner: giant Latin American telco Globo, which founded it back in 1969.
Sony Music says it plans to run Som Livre as “a new stand-alone creative centre” within its group, signing artists as well as providing label services. The deal will also bring popular Sertanejo music festival Festeja and distribution arm Fluve under Sony Music’s wing.
Brazil was the 11th biggest recorded music market in the world last year according to the IFPI, with $306.4m of revenues – 24.5% growth from 2019, with streaming accounting for 83.7% of that revenue.