Break out the brennivín! Ingrooves Music Group announced on Monday a push into Iceland with the acquisition of local label and distributor Alda Music. The Universal Music-owned marketing and distribution firm said it will work with Alda artists to boost opportunities both within Iceland and globally.
Alda Music was founded in 2016 by musicians Ólafur Arnalds and Sölvi Blöndal, who in short order “built Iceland’s most powerful distribution network with an incredible roster of local artists,” remarked Bob Roback, CEO of Ingrooves Music. Blöndal will continue to lead the Alda team based in Reykjavík. Financial terms of the deal were not disclosed.
“Sölvi has already built a solid business with most Icelandic music rights holders signed to Alda,” added Frank Briegmann, chairman and CEO, Universal Music Central Europe & Deutsche Grammophon. “We strongly believe in the future of the Icelandic music scene and its potential as a significant global player.”
Blöndal pointed out how streaming has provided artists from Iceland, an isolated nation of 366,425 (2020), a path to visibility and success on a global scale, and with Ingrooves’ help that will only accelerate. “Our potential to market both new and catalog music within Iceland and beyond will be greatly enhanced through the innovative technology, tools, and expertise of Ingrooves,” he said.
The entry into Iceland is the latest step in Ingrooves’s global expansion, following the launch of new offices in Australia, New Zealand, Brazil, Japan and South Korea. UMG bought Ingrooves, which provides indie labels with tools that include analytics, rights management services and marketing solutions, in 2019 after holding a minority stake in the company since 2006.