October 08, 2008 / By Aymeric Pichevin, Paris
Paris-based digital music distribution and marketing service Believe Digital has acquired German digital distribution company mTunes for an undisclosed sum.
Founded in 2003, MTunes distributes a catalog of 100,000 tracks from about 800 independent record labels. MTunes will now operate under the Believe brand. Overall, Believe now claims 50 employees with offices in France, Germany, Italy, United Kingdom and the United States.
Launched in 2005, Believe’s digital roster includes independent sector acts such as Soko, Ennio Morricone, MC Solaar, Barbara Hendricks, Bob Sinclar or DJ Cam.
According to Believe founder/president Denis Ladegaillerie, “We now have a strong ability to coordinate distribution, promotion and marketing on a pan-European basis and globally for our artists and labels.”
Believe has also announced having completed a new round of financing from French venture capital firms, raising €3 million ($4.1 million) from XAnge Private Equity and €1 million ($1.4 million) from Ventech .
Ladegaillerie says the new funding is intended to allow his company to make new acquisitions in the United States or United Kingdom.