Paris-headquartered music company Believe has acquired a 76% stake in South India-based Think Music for €13 million (approx. $14.6m at current exchange rates).
The news marks Believe’s latest acquisition in the market, following its buyout of Indian music record label company Venus Music in 2019, which was renamed Ishtar in June 2021.
Believe says that Think Music’s valuation “reflects the strong growth of the business”.
Founded in 2007, Think Music’s catalog spans popular film, non-film and independent soundtracks including what Believe calls “some of the biggest and marquee albums of Tamil Cinema”.
Think Music’s current management team led by Swaroop Reddy, will remain in place and continue building the catalog under Think Music Label while overseeing the backend integration.
In addition to acquiring and distributing soundtracks, Think Music also promotes and introduces emerging talent, having launched over 40 debut composers including Santhosh Narayanan, Ghibran and Hiphop Tamizha.
After entering the market in 2013, Believe India now has offices in seven regions and counts 171 employees.
Believe-owned DIY distribution giant TuneCore launched in India in July 2020.
With 11 million subscribers, Think Music’s YouTube channel is one of the most popular Tamil music channels on YouTube.
Combined, Think Music’s YouTube channel and Believe’s owned YouTube channels now reach an audience of more than 60 million subscribers, which Believe says is about 25% of YouTube’s monthly active users in India.
“We are very excited to extend our relationship with Believe.”
Swaroop Reddy, Think Music
Swaroop Reddy, Founder of Think Music, said: “We are very excited to extend our relationship with Believe.
“Believe’s wide array of innovative, digital first solutions combined with Think Music’s relentless focus on providing the best platform to film, non-film and independent artists soundtracks, will create significant value for all stakeholders.”
“I am confident that we will work together to accelerate Think Music digital growth and provides artists with shared expertise and innovation.”
Vivek Raina, Believe India
Vivek Raina, Managing Director of Believe India added: “I am delighted to associate Believe with Think Music the leading South Indian film soundtrack label, founded and run by Swaroop Reddy and his brother, two talented entrepreneurs with a high reputation in the local music and movie industry.
“I am confident that we will work together to accelerate Think Music digital growth and provides artists with shared expertise and innovation.”
Believe recently acquired a 25% stake in Play Two, one of France’s leading independent labels.
Believe listed on the Paris Euronext stock exchange in June.
The company currently carries a market cap of €1.716 billion, or approximately $2 billion.Music Business Worldwide
