IODA to Merge with The Orchard
Fazed Music’s digital aggregator has announced a merger with a rival peer company; The Orchard. The below is a copy of the official IODA press release regarding the merger:
NEW YORK and SAN FRANCISCO, MARCH 6, 2011 - The Orchard (www.theorchard.com), and IODA (www.iodalliance.com), today announced an agreement to combine their leading global digital distribution businesses in a new venture. The merged company, called The Orchard, will create a new market leader in providing comprehensive digital distribution services for music and video.
Brad Navin, current CEO of The Orchard, will become the CEO of the combined company. Kevin Arnold, founder and CEO of IODA, will take on an advisory role to the Board of Directors for the combined company and work on strategic projects for Sony.
“The Orchard and IODA were both founded to maximize opportunities for independent labels and artists. This deal opens doors for everyone by creating the preeminent platform for distribution, sales and marketing,” said Navin. “We’re combining two talented teams supported by a scalable infrastructure, which will give us more flexibility than ever to stay focused on our clients while continuing to work with the independent label community to improve the future of the industry.”
“Both IODA and The Orchard have played an important role in changing the way independent rightsholders take advantage of the new digital economy,” said Arnold. “By joining forces, independents around the world will benefit from the global reach and robust technology of the newly combined company.”
Together, The Orchard and IODA will leverage its increased scale and unmatched expertise in working with rightsholders and digital service providers globally to build innovative and meaningful digital revenue streams for independent labels and artists.
In addition, the combined company will continue to empower artists, managers, labels and video creators by providing them with a powerful, user-friendly sales and marketing platform that leverages the very best technologies and promotional tools from The Orchard and IODA for connecting with fans worldwide. The comprehensive solution will create even more compelling promotional and commercial opportunities for rightsholders and further maximize their growth potential.
IODA clients include Allegro, Arts & Crafts, Cosmos Music Group, Ghostly International, London Symphony Orchestra, Mello Music and Som Livre . The Orchard’s clients include Barsuk Records, Cleopatra Records, Daptone Records, Frenchkiss Records, Frontiers Records, Nuclear Blast, One Media Publishing and Sesame Workshop.
Both companies have approved the transaction, which is subject to customary closing conditions and is expected to close in the second quarter of 2012. Financial terms were not disclosed.
About The Orchard
The Orchard, a pioneering music and video distribution company operating in more than 20 global markets, provides an innovative and comprehensive sales and marketing platform for content owners. With industry?leading technology and operations, The Orchard’s creative, tailored approach streamlines its clients’ business complexity while amplifying reach and revenue across hundreds of digital and mobile outlets around the world, as well as physical retailers in North America and Europe. The Orchard was founded in 1997 to foster independence and creativity in the music industry. For further information, please visit www.theorchard.com.
About IODA
IODA, the Independent Online Distribution Alliance, is one of the industry-?leading digital distribution companies for the global independent music and video community. IODA provides comprehensive services to record labels, physical distributors, artists, and filmmakers, including license negotiations; media encoding and metadata management; royalty payment administration and reporting; and marketing and promotional support. Founded in 2003, IODA represents a rapidly expanding roster of independent music, film, and video titles. IODA distributes its catalog to hundreds of digital storefronts worldwide, including all major digital music services like Amazon MP3 and iTunes®, new access services such as Deezer, MOG, Rdio and Spotify, and mobile carriers including AT&T, Orange, Rekochoku, Verizon and Vodafone. The company’s website is www.iodalliance.com.
