BMG recently acquired Rise Records in a multi-million dollar exchange, (via Music Business Worldwide). This comes not even two weeks after Fearless Records announced that they had been purchased by Concord Bicycle Music.
Rise owner Craig Ericson founded the label in 1991, which is now home to groups such as Of Mice & Men, the Devil Wears Prada, Memphis May Fire and many others.
“I’m thrilled to work with BMG and I know Rise Records and its bands will benefit greatly from this new partnership,” shares Craig.
Despite the overall market dropping by three-and-a-half percent in 2014's final quarter, sales of hard-rock artists increased by eight percent.
“Rise Records is more than a record label. It is a cultural phenomenon which has harnessed digital media to create a genuine community,” shares Laurent Hubert, Creative & Marketing President at BMG.
Read an excerpt from Hypebot's report below.
Under the deal with BMG, Rise will continue to operate from Portland, Oregon under Ericson. BMG will handle back office functions and will offer Rise artists access to its international network. Rise currently generates around 95% of its revenue in the US. Details of the acquisition were not revealed.