One Media iP has acquired the songwriting catalogue of US country artist Michael Dulaney (pictured). The deal was made with a payment of $850,000 (£650,000).
The catalogue comprises 93 of Dulaney’s songs, including Fly Over States, Tattoos on This Town and Night Train, recorded by Jason Aldean.
Michael Infante, CEO of One Media iP, said: “We are delighted to announce this acquisition, our second in as many months, and to add the iconic catalogue of Michael Dulaney to the One Media collection. Michael is an extremely talented Grammy-nominated country music songwriter whose records have received a number of significant accolades. The acquisition demonstrates our focus on expanding our catalogue strategically, and reflects the growing demand and enthusiasm for country music globally as streaming continues to expose listeners to an ever-increasing range of genres.
“With a strong pipeline of opportunities still to evaluate, we now look to continue building momentum and growing the business, both through further acquisitions and the promotion of our existing catalogue.”
The deal coincides with the financial results up to October 2018 for the digital media content provider, which exploits intellectual digital property rights around music, video and copyright technology.
Revenue increased by 16% year-on-year to £2.7m, while EBITDA was up 44% to £773,000. Operating profit increased 94% to £638,758.
Infante added: “2018 demonstrated our determination to bring continued strong progress across the group, within the context of a resurgent music industry that is seeing on-going growth in streaming. We appointed Lord Michael Grade and Ivan Dunleavy to enhance the board and, subsequently, raised capital to scale up OMiP through the acquisition of music publishing rights and master rights.
“We continue to operate a selective approach with our acquisition programme and, post period end, have made two acquisitions since the fundraise, consisting of the Locomotive music catalogue and the acquisition of the certain rights relating to the composition and writers’ share of the income in the Michael Dulaney catalogue. Moving forward, we remain focused on acquiring IP content and maximising our digital music and video income via the growing global streaming stores such as Apple Music, Spotify, Amazon, Facebook and Deezer.”