Believe Digital acquires France’s Naïve
Following reports in March that France’s 19-year-old independent Naïve was on the verge of a sale to a large-scale buyer, Believe Digital has come forward as that buyer.
Believe Digital, the indie label digital distribution company which entered the local market in late 2015, won the tender for Naïve. It was cleared by the Commercial Court of Paris.
Believe Digital resumed the production activity and music publishing of Naïve yesterday (August 24) and adds to its fold the likes of M83 (pictured), Marianne Faithfull, Benjamin Biolay, The Dandy Warhols and Liars.
Naïve was placed in receivership early June following financial woes, which resulted in a downsizing of its staff and operations. Music Week reports Believe paid around €10 million for Naïve’s assets (equivalent to a year of Naïve revenue), but is not taking over the company’s debt.
In the announcement emailed to media, Believe Digital said: “Believe aims to develop naïve relying on its artists, on the expertise of 25 naïve employees and on its catalogue in the musical genres that built its success, including Classical (Jean-François Zygel, Laurence Equilbey and Accentus), Jazz (Baptiste Trotignon, Hadouk Trio), Music for Youth (music for little ears series), and Pop (Jeanne Added, M83, Benjamin Biolay).”
Believe Digital, with its company-owned technology and relationships across 20 international territories, is Europe’s largest independent distribution company and aggregator. A $60 million capital growth investment from the California Technology Crossover Ventures saw it purchase digital firm Tunecore last April.
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