BGF has provided £6m funding to One Media iP Group plc, a digital media content provider that primarily exploits music intellectual property rights. The AIM listed company, which is based in Pinewood Studios, will use the funding to support the acquisition of music catalogues as part of its buy and build growth strategy.
BGF’s funding follows the Board appointments earlier this year of Ivan Dunleavy, former CEO of Pinewood Studios and current non-executive chair of BGF-backed Milk Visual Effects, and Lord Michael Grade, formerly Chair of BBC, executive chair of ITV and CEO of Channel 4. The company employs a team of 15 including full-time creative technicians.
Founded in 2005 by CEO Michael Infante, One Media specialises in acquiring and repackaging nostalgic music and TV programmes from recordings made over the last 90 years. The business holds a catalogue of 10,000 hours of video and more than 250,000 music tracks from artists including George McCrae, Merle Haggard, Ricky Valance, Edwin Starr, Evelyn Thomas, Mungo Jerry, Eric Burdon, the Troggs, Marv Johnson and the Royal Philharmonic Orchestra.
The company has recently launched its own software service ‘Technical Copyright Analysis Tool’ (“TCAT”), which allows record companies, publishers and law firms to search certain digital stores to ensure music has not been used without licensing agreements being in place.
Over the past 18 months, One Media has seen its revenues increase reflecting the sustained growth of the industry as consumers continue to increase their music consumption through streaming services. Goldman Sachs believes streaming will continue to have a positive impact on music publishing revenues, forecasting a rise from US$5.4 billion in 2015 to US$9.3 billion in 2030.
Ivan Dunleavy, Executive Chairman of One Media, said: “The music industry is experiencing sustained growth, which is being led by the expansion in streaming services – supported by the advent of devices like the Amazon Echo (Alexa) and Google Home. One Media continues to benefit from this shift in consumer music buying habits to embrace streaming services. We welcome this investment from BGF, which will enable us to expedite the scale up of the business by acquiring quality music publishing rights and exploiting the global growth of music streaming.”
BGF’s Paul Stevens said: “One Media is a dynamic, focused and ambitious business with a clear strategy for growth. Under Michael’s leadership, the business has established a strong platform from which to scale quickly. Now – and with the addition of Ivan and Lord Grade to the Board – we are excited to see the business move to the next stage of its growth.”
The deal was led for BGF by Sarah Ledwidge, Tom McDonnell and Paul Stevens.