By Zach Collier
(This article was originally published on August 17, 2020 and was updated on January 20, 2022)
Concord has been on a warpath since 2013. After an acquisition by Wood Creek Capital Management and Sound Investors, LLC, it was merged with Bicycle Music Company. Over the last 10 years, they’ve taken the music industry by storm by acquiring high profile record labels and publishers like Fearless Records and Imagem Music Group, as well as major theatrical licensing companies Tams-Witmark and Samuel French.
Concord has ties to our music scene as their theatrical division is one of the major licensing partners of Right On Cue Services. Those ties were strengthened today when Concord announced their acquisition of Provo alumni Imagine Dragons’ discography.
Purchased for over $100 million, the Grammy Award-winning rock group’s music will join 900,000 other songs, compositions, plays, musicals, and recordings in the Concord library. This is a huge addition: “Radioactive” is one of only 37 songs in history to be certified Diamond, or 10x Platinum, by the RIAA. This is a staggeringly large and powerful library for an independent company in an industry long-dominated by Sony, Universal, and Warner.
“Concord’s acquisition strategy has remained consistent since 2006,” said Concord’s Chief Business Development Officer, Steve Salm, in a press release. “Simply put, we acquire catalogs from creators and owners with songs that the entire world not only recognizes but loves. A to Z, our portfolio is comprised of some of the most culturally recognized and revered songs and recordings in history. Imagine Dragons fits perfectly in that realm. Our publishing team proudly welcomes Imagine Dragons, and its unparalleled songwriting and performance success in the past decade, to the treasured catalogs that already call Concord home.”
Other artists in Concord’s library include Underoath, St. Vincent, Elvis Costello, and jazz legend Chick Corea.
UPDATE: Concord is exploring a sale of its company. The company is valued at almost $5 billion. For reference, Universal Music Group generated $8.9 billion in revenue in 2020, and Sony’s publishing companies collectively generated $6.3 billion. Warner Music Group, BMG, and private equity firm KKR are rumored to be potential buyers. KKR acquired Kobalt Music Royalty Fund II last October. Provo artists may be familiar with Kobalt, as they acquired the popular independent service Artists Without a Label (AWAL) in 2011.