TuneCore Proprietor Consider Begins IPO Course of, With Plans to Increase €500M

Paris-based music distributor and artist companies firm Consider has gained approval for its registration doc with the French monetary regulatory physique, the corporate introduced Monday (Could 10), marking step one in direction of its contemplated preliminary public providing (IPO) on the Euronext Paris inventory alternate.

Consider, which acquired New York-based distribution firm TuneCore in 2015, now seeks to lift €500 million (practically $608 million) to finance its progress technique of constructing “the main international artist digital growth platform,” in accordance with a press launch. Because the unbiased music market continues to develop, TuneCore’s pitch is that it could possibly present companies to the subsequent technology of artists and create a fairer, extra clear trade for them.

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“Within the final decade, streaming has modified how folks uncover music, paving the way in which for the rise of unbiased artists and labels. Consider is ideally positioned on the core of this transformation with a novel mannequin to offer options finest tailored to satisfy the evolving wants of every unbiased artist and label, in any respect ranges of growth, within the digital world,” Consider founder and CEO Denis Ladegaillerie stated in an announcement.

“This IPO challenge would allow us to speed up our growth and proceed to pursue our worthwhile progress trajectory,” he continued, “whereas reaching our mission to assist construct a greater, extra various, extra respectful, extra clear and fairer future for all artists.”

Based in Paris in 2005, Consider now operates in additional than 50 nations with 1,270 staff. Its companies embody distribution to main streaming companies like Spotify and Apple Music; digital advertising and marketing and playlist pitching; sync companies and extra for worldwide artists like Parcels, Gavin James, FKJ and extra.

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In 2020, Consider says it offered companies to greater than 850,000 artists (both straight or by way of their labels) and recorded €728 million in digital music gross sales, up 54% from €472 million in 2018.

It recorded €441 million in consolidated revenues in 2020, up from €238 million in 2018, and within the first quarter of 2021, made €124 million in income, a 26% uptick from the primary quarter of 2020.

That income comes from internationally: In 2020, 18% of Consider’s consolidated income was generated from France, 22% from Germany, 28% from the remainder of Europe, 18% from Asia, Oceania and Africa and 14% from the Americas.

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With Consider’s registration doc now authorised by French regulator Autorité des Marchés Financiers (AMF), the completion of the IPO is now topic to the approval of “the prospectus regarding the providing by the AMF, in addition to beneficial market situations,” a press launch states.

Citi, J.P. Morgan and Société Générale are performing as joint international coordinators and joint bookrunners within the contemplated IPO; BNP Paribas, Goldman Sachs, HSBC and UBS are performing as joint bookrunners and Rothschild & Co. is performing as unbiased monetary adviser to Consider.

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