Paris-based technology and artist services company Believe on Wednesday announced the acquisition of Mumbai-based live music production company, The Entertainment Company (Entco), for an undisclosed amount.
Post-acquisition, Entco will be rebranded as Believe Entertainment and will be based in Mumbai. It is expected to closely align live music experiences for brands and consumers with Believe’s growing music distribution, label services, and artist services operations in the market.
Believe Entertainment will build on Entco’s existing business of enabling live experiences, music festivals, and concerts. Founded by Subramanian Iyer, managing director, and Warren de Sylva, creative director, the company has offered an array of services, including digital content, live performances, and sync opportunities.
Iyer and Sylva will continue to run Entco’s operations under Believe. Believe gives artists, labels and content owners global scale through more than 20 brands, labels, and companies. Believe claims to have the reach, services, distribution and local relationships to connect artists with audiences through partnerships with 150 digital stores and streaming platforms worldwide.
Denis Ladegaillerie, CEO, Believe said, “Subramanian and Warren have uniquely brought live music experiences that bring artists, brands, and consumers together. We have been growing quickly to a leadership position in the Indian market, and with Entco’s expertise, Believe will have unparalleled ability to help creators in India build audiences, careers and revenue opportunities.”
Ent.Co has been curating, designing and producing luxury and lifestyle experiences for brands and consumers across India, the Middle East, South East Asia, and the USA. Warren De Sylva, cofounder and creative director, Entco said, “Our vision is to inspire audiences through extraordinary live music experiences and this new step is the perfect opportunity for us to scale up and expand our offering. Believe will amplify what we’re able to provide through the power of one of the true global leaders bringing together technology and services to connect audiences with music.”
According to a report released by IFPI, a body representing the recording industry worldwide, India is well-positioned to break into the top 10 music markets by 2022. India is currently ranked the 15th position.
The report said that the Indian music industry grew 24.5% to touch $156 Mn in 2018.