the corporate in the back of iconic track magazine Rolling Stone has offered a forty nine p.c share in the industry to a startup from Singapore in a bid to develop its global reach.
U.S.-based totally Wenner Media announced the sale of its stake to Singapore’s BandLab this weekend, although the cost paid used to be no longer disclosed. BandLab is run with the aid of Meng Ru Kuok, the 28-yr-old son of palm oil billionaire Kuok Khoon Hong, and this isn’t its first piece of impressive M&A. the corporate bought Swee Lee, a distributor of guitars and other instruments, in 2012 and, final week, it picked up San Francisco-primarily based instrument design lab Mono. It also offers a free app that lets artists create and share song.
BandLab mentioned it is going to “focal point on expanding Rolling Stone’s industry in new markets, and propelling the brand’s global evolution.”
that means the creation of Rolling Stone international, with the intention to manage the newly obtained stake within the industry and, Bloomberg reported, enhance are living events, merchandising and hospitality to increase its brand past editorial. (Editorial control, via the way in which, is probably not in BandLan’s remit, the company said.) Rolling Stone already circulates local variations of its magazine in 12 countries.
Rolling Stone claims a readership of just about 12 million for its print e-newsletter and a ‘digital audience’ of greater than 65 million online — even though that determine appears to incorporate social channels like facebook, the place it claims a cumulative 18 million lovers and followers. the corporate didn’t give figures for Rollingstone.com, instead it mentioned that “reasonable month-to-month unique guests to the site [are] up virtually 40 p.c” yr-on-yr. Take that as you will.
this is a important deal for Wenner due to the fact that it’s the first time it has allowed outside cash into Rolling Stone, which is drawing near its fiftieth anniversary.
but these are up to date instances they usually require a brand new method. Kuok, who used to be in negotiations for 18 months, instructed Bloomberg that he sees “a variety of synergies” between Rolling Stone and BandLab’s different ventures. It’s indisputably a reality in the twenty first century that media can’t depend on print or on-line alone, but it surely’ll be fascinating to peer how these threads are tied together.
“we’re fascinated by the consumer and the availability chain of tune, and revolutionary industry fashions round tune that exist nowadays. at the finish of the day, the tip client is similar. BandLab’s intention is to be a worldwide tune business,” he stated.
Already, BandLab has breathed new life into Swee Lee’s 70-12 months-old industry, which has multiplied to grow to be a spot to find tune lessons and buy merchandising as well as instruments.