Acquisition of Music Catalogue – Locomotive Records
One Media iP Group Plc (AIM: OMIP), the digital media content provider that exploits intellectual property rights around music, video and copyright technology, is pleased to announce that it has acquired the music catalogue of Locomotive Records, an independent record label based in Spain, for a total consideration of US $750,000, of which US $550,000 is to be paid immediately with a further US $200,000 in deferred payment. The total consideration is to be satisfied with the Company’s existing cash resources.
The Locomotive catalogue comprises circa 1,500 progressive, global rock recordings from various Spanish bands, notably including tracks from the highly acclaimed Spanish folk metal band, Mägo de Oz, with whom the Company has entered into a direct artist royalty agreement. The content will be distributed by One Media’s distribution partner, the Orchard.
Mägo de Oz (Spanish for ‘Wizard of Oz’), from Begoña, Madrid, was formed in 1988 and became well known for possessing a strong Celtic influence in its songs, produced by the consistent use of violins and flutes. The band is still active and touring, playing over 60 dates in 2018 across Europe and Latin America, both key areas of growth for the streaming market. The band has 1.3m monthly listeners on Spotify and its top performing tracks, including ‘Fiesta Pagana’ (with over 100m YouTube streams), ‘Molinos de Viento’ and ‘Hasta Que El Cuerpo Aguante’, have become firm favourites throughout Latin America, USA and Spain.
Mägo de Oz management commented: “We are very pleased to be working with One Media with our back catalogue and look forward to our legacy recordings benefiting from their enhanced distribution.”
Michael Infante, CEO of One Media iP, commented: “I am pleased to announce this exciting catalogue acquisition. Mägo de Oz are renowned within the Hispanic community and this acquisition expands One Media’s music genres in line with digital demands globally. This is a very exciting development for us as we see new territories opening and the expansion of our global audiences.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.