A little over two months after BEAT Music Fund, billed as “the first-ever dance music investment company,” arrived on the scene, the business has announced the acquisition of label King Street Sounds and the catalog of DJ and production duo Chocolate Puma.
Armada Music’s BEAT, which stands for “Best Ever Acquired Tracks,” emailed Digital Music News today about its purchases, the precise financial terms of which haven’t been publicly identified. However, BEAT is expected to spend $100 million total on music IP during the coming two years, the entity said in April.
Moreover, the acquisitions represent the latest in a series of recent IP buyouts, which evidence suggests will keep on closing for the foreseeable future. To be sure, Pinnacle Financial Partners-backed BEAT launched with plans to deploy $500 million, and according to execs, the EDM-focused operation “aims to announce at least one new deal every month this year.”
For June, the first of these plays encompasses the entirety of New York City-based dance label King Street Sounds, as mentioned. Founded and solely owned by Hisa Ishioka, King Street Sounds operates (in addition to the namesake label) Nite Grooves and Street King, with an artist roster that includes Kerri Chandler, Louie Vega, and Groove Assassin, to name just some.
Described as BEAT’s “largest acquisition since launching,” the King Street purchase extends to the “past and present catalog of master recordings and publishing catalog” of the decades-old label, higher-ups made clear. Meanwhile, BEAT will look “to reinvigorate the catalog by optimizing and promoting it,” the involved parties indicated.
Moving forward, King Street Sounds is poised to release new music while operating as a sub-label of Armin van Buuren-founded Armada Music, with Ishioka staying aboard as an A&R consultant.
“We’re thrilled about this alliance between King Street Sounds and Armada Music,” Ishioka relayed in part. “For over 30 years, we’ve been dedicated to bringing people the best house music with passion. With this new partnership, we look forward to our continued growth and keeping this great dance music vibing and thriving.”
Shifting to the above-disclosed Chocolate Puma catalog deal, the Netherlands-based duo’s members, René ter Horst and Gaston Steenkist, have sold their publishing and masters – with the transaction specifically including their releases from 1991 through 2011. Among these works are “I Wanna Be U,” “Give It Up,” and “Who Do You Love Now?”
“It’s clear Maykel has a real love for our music and is genuinely passionate about giving our creations the attention they deserve,” communicated ter Horst and Steenkist, who have put out music under a number of different names. “With confidence and trust, we are placing BEAT in charge of our musical legacy. We’re excited about this new chapter.”
Lastly, in remarks of his own, BEAT and Armada Music CEO Maykel Piron described the buyouts as “a big step” for the former entity.
“Partnering with King Street Sounds and Chocolate Puma signifies a big step for BEAT as we look to maintain and build upon the most respected catalogs in dance music,” Piron stated in part. “We look forward to working with Hisa, René and Gaston to represent the legacies they hold in dance music and to the extensive opportunities these partnerships bring to BEAT, Armada and these iconic catalogs.”