Photo Credit: Rohan Reddy
After gaining a 60% majority stake in 2020, Believe acquires the remaining 40% of independent Turkish label Doğan Music Company for about $42 million.
One of the world’s leading digital music companies, Believe, has announced it will be acquiring full ownership of Doğan Music Company (DMC), Turkey’s largest independent label, for 38.3 million euros ($42 million). Believe first acquired a 60% majority stake in DMC in 2020, and has now reached an agreement with Doğan Group to acquire the remaining 40%.
With a mission to develop independent artists and labels in the digital space by providing them the necessary solutions to grow their audiences at each stage of development, Believe’s team of worldwide experts leverage the group’s technology platform to advise artists and labels alike, as well as distribute and promote their music. Believe boasts 2,020 employees in over 50 countries, aiming to support independent artists and labels with its unique digital expertise, as well as respect, fairness, and transparency.
DMC has added value to the Turkish economy for 65 years, since Doğan Şikretler Grubu Holding A.Ş. entered the scene in 1959, when Honorary Chairperson Aydın Doğan registered with the Mecidiyeköy Tax Office, and then founded his first automotive company in 1961. Today, the Doğan Group and its companies play a significant and pioneering role with their vision in the fields of electricity generation, industry and trade, automotive trade and marketing, finance and investment, internet and entertainment, and real estate.
Believe’s full acquisition of DMC follows closely on the heels of the group’s acquisition of a 25% stake in Romanian dance label Global Records, pointing to a broader strategic move into global content distribution. The 16-year-old Romanian company already has offices “and activity” in Germany and the United States, and boasts around six billion streams in 2023 across its roster. Believe first partnered with Global back in 2016.
Believe’s other international endeavors include Sentric, South Indian film soundtrack label Think Music, Filipino group Viva Music and Artists, and France’s Jo&Co. The global expansion runs in tandem with Believe’s recent dance-focused launches of b.electronic and All Night Long.
