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One Media Believes in 'God's Not Dead,' Buys Publishing Rights of Christian Hit

Daniel Bashta
Courtesy of Yellow Jersey PR

Daniel Bashta

LONDON -- One Media, one of the U.K.'s first digital music IP trading investment companies, has acquired the publishing rights and writer's share of income to hit single "God's Not Dead," written by Louisiana-raised contemporary Christian singer and songwriter Daniel Bashta.

Buckinghamshire-based One Media iP Group Plc, founded in 2005 and listed on the London Stock Exchange's AIM market since 2013, paid Bashta $725,000 for the rights to the song, which was first released in 2010 and originally titled "Like A Lion" before Christian band Newsboys covered it in 2011 and changed its name to "God's Not Dead."

That version of the song became a big Christian radio hit, spending 22 weeks on the Billboard Hot Christian Songs chart. Newsboys' cover of "God's Not Dead" was also used as the title track of the faith-based movie trilogy of the same name, which have collectively grossed close to $100 million. To date, the song has been viewed over 88 million times on YouTube and streamed 47 million times on Spotify, say One Media. 

"We are always on the lookout for music from any genre that has had success in the international charts and 'God's Not Dead' not only ticks this box, but also brings the additional value of being coupled with a film synchronisation benefit," said One Media CEO Michael Infante in a statement. "The fact that this single continues to perform so well almost a decade after its original release is testament to its longevity," he added. 

The deal is One Media's fourth acquisition of 2019 so far. In February it concluded a $750,000 deal for the catalog of Spanish label Locomotive Records that included a number of tracks byMägo de Oz.

Two months later it acquired the publishing and songwriter's rights to 93 songs written by Grammy nominated country music songwriter Michael Dulaney for $850,000. That was followed in May with a $260,000 deal for the songwriter's share of seven songs by country artist Cole Taylor, including his stake in Florida Georgia Line's "Sippin' On Fire" and Luke Bryan's "Home Alone Tonight," both of which topped the American country charts.

One Media's total spend on the four catalog acquisitions stands at $2.6 million, representing a blended acquisition multiple of circa 7x.   

According to the company's half-year results for the six months ending April 30, which don't include the deals for Taylor or Bashta's "Gods Not Dead,"revenue increased 32% to £1.6 million ($2 million) and operating profit increased by almost 24% to £284,000 ($353,000). EBITDA increased 19% to more than £400,000 ($497,000), while cash balances stood at more than £5 million ($6.2 million).

Significant syncs over the last six months have included placements in Amazon Prime's "Too Old To Die Young" and Marvel's "Cloak and Dagger," as well as TV adverts for Unison and Abercrombie & Fitch.

"We are pleased to have started 2019 with a succession of rights purchases and to be reporting results in line with market expectations," said Infante in the interim results. 

Looking ahead to the future, the company said it would continue to focus on targeted acquisitions of music content in a diverse range of genres that have potential for "large future growth in streaming revenues."

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