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TCV BELIEVES—TO THE TUNE OF $50M+

Paris-based Believe Digital, which recently acquired U.S. rival Tunecore, has received a $60m growth-capital investment from Technology Crossover Ventures and XAnge, Music Business Worldwide reports. TCV is a serial investor in digital and content companies, which in 2013 injected Spotify with a crucial $250m round of funding. TCV fronted 90% of the Believe funding, and General Partner John Rosenberg will join Believe Digital’s Board of Directors.

Ten-year-old Believe provides digital distribution and label services to clients including Nettwerk Records, One Little Indian, Xtra Mile Recordings, James Vincent McMorrow, Gavin James, Queen, Monty Python and Deep Purple.

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

Said Believe CEO and founder Denis Ladegaillerie (pictured above) of the new investment: “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.”

Ladegaillerie told MBW earlier this year that the added leverage from Tunecore would help Believe “extract very competitive market terms” for its artists in future from the likes of Spotify and Deezer, Tim Ingham notes in his piece. Could having one of Spotify’s most significant shareholders on board help with that mission?

Said Rosenberg: “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.”

 

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