Since it’s launch in 1993, Ministry of Sound Recordings has been responsible for bringing through the likes of Wretch 32, Example, London Grammar and many more. Over 70 million album sales and 40 number one UK albums later, the British record label that started out as a London nightclub has been sold to Sony Music UK.
This buy-out of Ministry of Sound by Sony Music is the latest in a string of acquisitions (the second this year), after the March purchase of one of Europe’s biggest indie label and artist services companies, Essential Music & Marketing.
Now it seems that “smaller” labels are being snapped up at an alarming rate, as the 3 major publishers vie for control of the market.
According to recent reports from Nielsen Soundscan and others, the “big three” of the industry stands as follows by sales revenue: Universal (38%), Sony (32%), and Warner (19%) with independent labels responsible for an estimated 11% of industry revenue.
Jason Iley, Chairman and CEO, Sony Music UK, said:
“Ministry of Sound is one of the greatest brands in music. I’m delighted to welcome one of the most innovative, smart and pioneering labels to the Sony Music family. David (Dollimore) and Dipesh (Parmer)’s track record, alongside one of the best curation teams in the business, speaks for itself [.]”
(So far, so corporate.)
London Grammar, now managed by Jonathan Dickins at September Management, are expected to release their highly anticipated second album later this year.