Ingrooves Music Group, has acquired Alda Music, a major music label and distributor in Iceland.
Alda was founded in 2016 by musicians Sölvi Blöndal (pictured) and Ólafur Arnalds. Over a period of six years it has become a key player within the Nordics.
“The deal highlights the importance of Icelandic music to the global market as Ingrooves will work with Alda artists to expand their presence in the region and help take them to the global stage,” said a statement.
Sölvi Blöndal, Alda’s CEO, will continue to lead the Alda team based in Reykjavík. They will work closely with the Ingrooves global music network to strengthen local operations and nurture Iceland's grassroots music scene, as well as elevate engagement, identify new audiences and build opportunities for Iceland artists worldwide.
"Iceland has always played a substantial role in global music culture," said Bob Roback, CEO of Ingrooves Music Group. "In just a few years, Sölvi and his team at Alda have built Iceland's most powerful distribution network with an incredible roster of local artists. We are looking forward to working closely with them as we invest in the local music community and expand opportunities for artists both within Iceland and around the world."
"Increased access and adoption of music streaming services continue to transform the global music market enabling Icelandic artists more visibility and ability to thrive globally,” said Blöndal. “I can think of no better partner than Ingrooves to help our artists establish new audiences around the world.
“Our potential to market both new and catalogue music within Iceland and beyond will be greatly enhanced through the innovative technology, tools, and expertise of Ingrooves."
"As part of the global Universal Music family, we welcome Alda to the Nordics ecosystem," said Frank Briegmann, chairman and CEO, Universal Music Central Europe & Deutsche Grammophon. "Alda is a perfect partner for Ingrooves to create a strong local presence, utilising their unique and unrivaled technology and services to benefit the local independent artist community.
“Sölvi has already built a solid business with most Icelandic music rights holders signed to Alda. We strongly believe in the future of the Icelandic music scene and its potential as a significant global player."