BMG has agreed to terms for the transfer of its two surviving companies, Undercover and Caro, to minority shareholders.
Here’s the news recent announcements BMG CEO Thomas Korsfeld said BMG will focus on two core service areas: music publishing and recording.
In October 2020, BMG acquired a majority stake in Braunschweig-based Undercover, one of Germany’s most successful promoters.
BMG and Undercover subsequently entered into a strategic partnership with Caro, the company behind the successful Taubertal Festival.
The new agreement will return both companies to their previous ownership structure.
Dominic Casimir, BMG Chief Content Officer, said:
“We are delighted that we have agreed terms that will allow them to pursue an independent future and wish them and their team all the best for the future.”
Michael Schacke, founder and owner of Undercover, said: Undercover remains a strong and independent company.
“I wish BMG and its team all the best and success so they can focus on their core business.”
Volker Hirsch, founder and owner of Caro, said: “It was a great honor to work with Michael Schacke and Dominique Kasimir.” As Taubertal approaches its 30th anniversary in 2026, we will continue to pursue an independent path. I am once again happy to be able to pursue this.”
Thomas Korsfeld announced a new global strategy to be “more efficient and effective” at BMG in October.
The CEO’s plans already see changes, including the closure of New York-based BMG’s theatrical production program. There are currently no active commissions for new films. BMG.
In addition, BMG Based in New York and Canada Record music operations Los Angeles office.
and BMG has eliminated its centralized international marketing department for recordings, previously led by the company’s vice president of global repertoire. Fred Casimir.
In November, course felt I told the BMG staff Further details The new organization aims to “future-proof the company for years to come and further develop its capabilities to offer artists and songwriters on a global scale.”
Key elements of this plan:
- BMG focuses on two major service areas: music publishing and recording.
- We double our presence in the U.S. with new global catalog capabilities based in Los Angeles.
- Realigning our presence in continental Europe and updating our frontline business of record with a new “hub and spoke” structure.
- We are making significant investments in technology and the myBMG ecosystem to further enhance our services to artists.
- Clarify roles and structures to strengthen your company’s accountability to your artist and songwriter clients.
At the time, Korsfeld said: “Fifteen years after the advent of streaming, music is experiencing a new tectonic shift. To make the most of that opportunity, it’s important to redesign your business.
“Since our founding, BMG has challenged music industry conventions, bringing music publishing and recording under one roof with a unique, service-oriented and transparent approach. and the impending changes in the streaming economy challenge us to do even better for our clients.”
world music business