A few months back, it was reported that the Dutch dance music label, Spinnin’ Records, was set to to be purchased by one of the biggest names in music. Now, new reports indicate that the label has indeed been sold, and for a rather hefty sum of money too.
As Music Business Worldwide reports, the Warner Music Group has officially acquired the Dutch record label for over $100m.
Spinnin’ Records was founded back in 1999 in the Netherlands by Eelko van Kooten and Roger de Graaf. Initially formed with the intention of pressing vinyl for artists, the label’s vision soon expanded. Since it’s formation, it has gone on to become considered as the leading dance label in the world, boasting a roster of artists that includes A-Trak, Tiësto, Armand van Helden, and Martin Solveig, in addition to having a total of over 18 million YouTube subscribers.
While no official statement has been released as yet, the purchase of the label is said to be over $100m, making it, as Music Business Worldwide reports, the largest buyout by Warner Music Group since they acquired Parlophone for £487m back in 2013.
As the Financial Times notes, this is the first major move for Warner Music Group since Max Lousada was promoted to run their recorded music division, after previously having served as the head of Warner Music UK. Despite not officially starting in this new role until October 1st, it seems as though he has some big plans for the direction that the company is headed.
The Financial Times indicates that co-founder Roger de Graaf is set to stay on and run the business alongside Warner Music Group.
At this stage, we’re waiting to receive an official statement from either Warner Music Group or Spinnin’ Records, but we’ll keep you updated if any further details emerge.