LONDON: One Media iP Group, the digital media content provider that exploits intellectual property rights around music, video and copyright technology, has acquired the entire music catalogue to date of American composer and solo piano artist Philip Wesley, for a total cash consideration of US $4.15m, satisfied upon full execution of the agreement.
An additional US $100,000 cash consideration will be payable on the date falling one year from the date of execution of the agreement, subject to certain deliverables contained within the agreement.
Philip Wesley’s solo piano recordings have won him acclaim since his musical debut in 2002. His compositions have been played on radio around the world, have featured in film and are listed on all popular streaming platforms including Spotify, iTunes, Amazon and Pandora.
One Media has acquired both publishing and master rights in the 72 recordings composed and performed by Wesley. In 2018 his recordings were streamed more than 150 million times worldwide, with the top ten tracks enjoying 68 million streams on Spotify. The compositions being acquired were self-published by Wesley and, as such, the revenues generated will include publisher fees that the Company will now enjoy.
This is the Company’s largest IP acquisition to date and its fifth catalogue acquisition since the beginning of 2019, bringing the total combined value of acquisitions for the calendar year to US $6.85m (£5.70m). This deal continues One Media’s expansion and diversification through the acquisition of music IP rights, which have proven earnings history and potential for streaming revenue growth.
Classical music sales have risen 10.20% with streaming now accounting for 63% up 42% in 2018 and part of that growth is attributable to the booming Classical Crossover segment, which adopts strong classical influences and continues to be an accessible and popular sound, reaching out to wider audiences.
Michael Infante, CEO of One Media, commented: “We are delighted to have acquired both the publishing and master rights to the entire catalogue of such a distinguished new age piano artist. This acquisition is our largest IP deal and is firmly in line with our strategy of acquiring catalogues with proven popularity, longevity and growth in streaming revenue”.
Edited by Kazim Rizvi