BMG is getting out of the live music business. The German music company has agreed to sell stakes in two live music companies, Undercover and Garo, to minority shareholders, the company announced on Friday (Dec. 22).
The move comes less than a month after the company said it would focus on its core recorded music and publishing businesses and announced a new corporate structure. „Fifteen years after the advent of streaming, music is undergoing another tectonic shift,” the new CEO Thomas Gosfeld, Instead of who Hardwick Masuch As CEO in July, He said then. “It is imperative that we restructure our business now to take advantage of that opportunity.
In an interview advertisement board In October, Gosfield talked about adopting a more streamlined business model. „I truly believe that we can only be effective if we don't focus too much on ourselves — without building too many resources internally — but instead focus on creating value and providing service to artists and songwriters.”
A few years ago, BMG wanted to offer artists more than just recorded music and publishing services. The company made its first foray into live music in 2020 by purchasing a majority stake in concert promoter Undercover. The deal is „a logical extension of BMG's plan to consolidate all the services an artist needs under one roof.” Dominic Casimir Then he explained. The following year, BMG bought a majority stake in Karo, best known for its Taubertal-Festival.
In a statement, Michael Schock, Founder/Owner of Undercover, described the new deal as “the best solution for Undercover and our artists. Undercover will be strong and independent in the future. We wish BMG and its team all the best and every success in focusing on its core business.
„It has been a pleasure to work with Michael Schock and Dominik Casimir, and as we approach Taberdal's 30th year in 2026, we are delighted to once again be pursuing an independent study,” he added. Volker HirschFounder/Owner of Garo.
„Michael Schock (Undercover) and Volker Hirsch (Karo) are seasoned entrepreneurs who have built enviable reputations in the live music business,” said Dominik Casimir, who was promoted to chief content officer at BMG last year. „We are pleased to have agreed terms that will allow them to continue their independent future and wish them and their teams the best for the future.”
„Totalny pionier w sieci. Specjalista od piwa niezależny. Ewangelista popkultury. Miłośnik muzyki. Nieprzepraszający przedsiębiorca”.