Sony Music Latin has teamed with Switzerland-based interactive entertainment company, Nexoom AG.
According to a press release, the partnership will create new business and sponsorship opportunities for Sony Music’s’ Tier 1 artists in the US Latin region’.
Nexoom specializes in livestreaming, esports, gaming, music, sports and non-gaming content. The company’s ‘ection’ product is described as a ‘live multi-streaming platform’.
According to a press release, the partnership will focus on unlocking value for Sony’s artists and their fans, using Nexoom’s digital ecosystem to provide unique experiences.
“This partnership marks a monumental step forward for Nexoom and Sony Music Entertainment into the new era of interactive entertainment.”
Cristina Niculae, NExoom
“This partnership marks a monumental step forward for Nexoom and Sony Music Entertainment into the new era of interactive entertainment. By leveraging our combined resources and shared vision, we will amplify the voice of incredible artists and enable distinctive opportunities for Sony Music Latin,” said Nexoom CEO Cristina Niculae.
“We are not just signing a contract, we are building a bridge,” added Niculae. “This alliance signifies a bold step towards our vision for the future of entertainment, where technology and talent coalesce into something truly exceptional.”
Sony Music US Latin President, Alex Gallardo, also commented on the deal, saying: “We are very excited to work with Nexoom in bringing initiatives that reflect our commitment to integrating music and lifestyle, offering fans unique experiences beyond the music.”
In 2022, Latin music exceeded $1 billion in recorded music revenue in the US alone, claiming a market share of 8% of streaming revenues, according to data from the RIAA.
“We are very excited to work with Nexoom in bringing initiatives that reflect our commitment to integrating music and lifestyle, offering fans unique experiences beyond the music.”
Alex Gallardo, Sony Music US Latin
Latin artists such as Bad Bunny have dominated global streaming charts, with Bad Bunny being Spotify’s most-streamed artist for three consecutive years and his album being named the biggest Latin album of all time on Apple Music.
Sony Music has been particularly aggressive in M&A in Latin Music over the past few years – having recently reportedly engaged in talks to buy a stake in Bad Bunny’s (Orchard-distributed) label and management firm, Rimas.
In 2021, Sony Music acquired the music catalog of Mexican regional label and management company Remex Music; in the same year, it splashed $255 million on the acquisition of Brazil’s biggest domestic label, Som Livre. Last year, Sony acquired a minority stake in the indie record label (WKR) of one of Latin Music’s most successful impresarios, Walter Kolm.Music Business Worldwide