Clive Rich to head new Digital Music Practice and build portfolio of Digital Music investments
London, UK – 26 November, 2007. Ariadne Capital, the London-based investment and advisory firm, today announces that Clive Rich has joined the company as Head of its Digital Music Practice. Rich, with 25 years experience in the music industry, latterly led the Futures Division at SonyBMG. This Division, the first of its kind in the UK Music Industry, was responsible for all Sony BMG’s new and developing business - including its Digital Music Business, TV Programming and Brand partnerships.
The move brings together Rich's formidable understanding of the Content industry and his access to exciting and emerging digital services and platforms and Ariadne's unique Investor Network and knack for spotting digital break-through businesses. This is the first of a series of formal practice areas that Ariadne is establishing and heralds its commitment to building a successful content-led Digital Portfolio though investing in and advising the sector
Ariadne will publish its own report on the Digital Music industry in 2008.
Builds on existing partnership
Rich, via his company, Rich Futures, has co-led Ariadne mandates and investments during 2007 in: IndependentIP, the digital music supply chain company; TheBizmo, the embeddable player/e-store; and Generator X, the lifestyle recommendation engine. He and Ariadne are in discussions about bringing the rest of his portfolio of music investments to Ariadne Capital as the cornerstone of the merged interests.
“We’ve had a very successful partnership over the past half year, and wanted to formalise it to establish a significant presence in shaping the music industry of tomorrow,” says Julie Meyer, CEO of Ariadne Capital.
“Clive’s insight into how various music start-ups can cooperate and unlock value is without peer, and I’m really pleased that he has chosen Ariadne to make his home for his post-corporate life. I want Ariadne to be known as the best place to go for emerging Digital Music and Entertainment businesses. Clive will bring his unique skills and connections to an enterprise that understands, respects and is excited by both Content and Content owners.”
Music Industry has the potential for rude health
Says Rich, "Although the Record Industry has been struggling, the Music Industry has the potential for rude health. ‘Business A&R’ is what the Industry needs now; by finding new platforms, channels, user experiences and connecting them the business value chain for music can be restored and flourish . I chose Ariadne as the best place to be in order to leverage the opportunities which I can see and want to pursue because ‘Business A&R’ is exactly what Ariadne does across the whole Digital sector, combining access to significant funding with empathy for creative entrepreneurs. Together, I believe we will find and develop the Digital Hit businesses of tomorrow.”
Ariadne’s business model is a blended one of investment and advisory collaboration. With 15 equity stakes in high-growth companies, it secures equity in early stage, high growth companies - partially in exchange for services, and partially from the capital sourced from the founding 42 Ariadne Investor Members, other private investors and family offices. Ariadne is known particularly for its business development and UK market entry strengths, and a core of Executives in Residence who work closely with its portfolio.