Sony Music re-establishes presence in Greece with acquisition of indie Cobalt Music

Sony Music re-establishes presence in Greece with acquisition of indie Cobalt Music

Sony Music Entertainment (SME) has acquired Cobalt Music, one of Greece’s most prominent independent music labels. 

“The investment marks the re-establishment of Sony Music Entertainment Greece, a new branch of Sony Music’s global network that reinforces the company’s commitment to expanding its footprint in fast-growing international markets,” said a statement.

Founded in 1957, Cobalt Music has been a key presence in the Greek music industry for decades, developing popular artists and delivering chart-topping hits. Greek artists and catalogues that currently sit within Cobalt Music will now benefit from Sony Music’s global distribution network and its expertise in technology.

“With this acquisition, Sony Music Entertainment Greece aims to preserve and enhance this legacy while providing expanded opportunities for Greek talent,” added the statement.

As part of Sony Music Entertainment Greece, the company will be able to provide their artists and partners with new opportunities to reach international audiences. 

Anna Maria Antippas (pictured) has been appointed managing director of Sony Music Entertainment Greece. She has held leadership positions within the Greek music industry for almost two decades.

We see enormous potential in the Greek market

Daniel Lieberberg

Daniel Lieberberg, president, Sony Music Continental Europe and Africa, said: “We see enormous potential in the Greek market, which has a rich musical heritage and vibrant contemporary scene. By acquiring Cobalt Music, we aim to provide even more opportunities for local artists to thrive. Under Anna Maria Antippas’ leadership, we will preserve the legacy of Cobalt Music whilst also bringing Greek music to a wider global audience.”

Anna Maria Antippas, MD of Sony Music Entertainment Greece, added: “I am honored to lead Sony Music Entertainment Greece and to be a part of this incredible opportunity for our artists. This enables us to leverage Sony’s global platform while continuing to champion the rich cultural heritage of Greek music. I look forward to fostering new partnerships, developing talent, and connecting our artists to the world.”

The Greek music industry has seen significant growth in recent years, with total recorded music revenues reaching $70.4 million in 2023, marking a 14.91% increase from the previous year, according to data from IFPI

The market’s primary driver is streaming, which accounts for 63.1% of total revenues, reflecting a year-on-year growth of 15.2%. Additionally, sync revenues have seen a substantial 49.4% increase, contributing to the overall market expansion. 

With all of the Top 10 tracks in Greece for 2023 by local artists, domestic music is particularly strong in the country.

 

author twitter FOLLOW Andre Paine


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