Friday, November 29, 2013

Turning the Italian Digital Music Ecosystem on: Sounday raises €2m and acquires Kiver Digital

Turin, 28th November 2013 - The market of digital music enriched by a new excellent 100% Made in Italy. positions itself in Italy as digital music ecosystem at support of the growth of the music business through innovative and consulting services. Strengthened by the acquisition (from 2music) of Kiver Digital - specialized in the distribution of digital contents - last Septermber thanks to the investment of €2 million made by Principia, Sounday has launched Sounday Music - digital platform - dedicated to artists and professionals of the sector: the service provides an offer of services and solutions accessible via Web and Mobile, based on a customizable technology, allowing artists, professional operators and music labels to manage the entire music lifecycle, from networking, to the creation and distribution, from the sale and purchase of music goods and services of mixing and mastering up to the management of the identity on the web.

"The music world is nowadays undergoing a phase of deep transformation, with technology being its core. Just think that, according to data released by IFPI, in 2012 fee-based music downloads from web and mobile stores increased by 12% and the number of registered users to subscription services even by +44%. To these numbers, one has to add social networks: music is the preferred topic in conversation among friends on social networks in the 67% of cases and 7 out of 10 most followed celebrities on Twitter and, even 9 out of 10 among those followed on Facebook are music artists". commented Giuseppe Ravello, founder and CEO of Sounday and of Kiver Digital:
"Sounday, which has reached today important results with mote than 20,000 users registered to the platform, wants to seize the moment to take advantage of the opportunities offered by the digital, leveraging not only on the technology but also on a variety of complementary competences bound to the music, digital, marketing and business management world, with the objective to support the growth and the promotion of the music industry of the single actors which shape it". 

All this has been possible thaks to an efficient and structured business strategy, a mix of competences and professionalities and an important reckoning from the side of one of the principal italian operator of the Italian venture capital industry. Indeed, Principia SGR has invested, through its Principia II Fund, €2 million in Sounday,  supporting the acceleration of the growth, culminated with the acquisition in September 2013 of Kiver Digital - holding founded by Gianluca Perrelli, CEO, and supervised by angel investor Alessandro Vannucci (iDooo), EVP of the group.