O’Melveny Represents TuneCore in Acquisition of DropKloudDecember 19, 2014 FOR IMMEDIATE RELEASE
O’Melveny & Myers LLP
SILICON VALLEY--DECEMBER 19, 2014 --O’Melveny & Myers LLP represented TuneCore in its acquisition of DropKloud, a modern, digital enhancement to the promotion of music. As part of the transaction, DropKloud’s co-founders will join the online music distribution service.
The O’Melveny team was led by partner Paul Sieben, counsel Ruchun Ji, and associate Janiece Jenkins.
O’Melveny & Myers LLP
With approximately 750 lawyers in 15 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com
The following press release was issued by TuneCore:
TuneCore Acquires DropKloud And Its Founders
New TuneCore Boston-Based Innovation Lab Will Launch Fan Engagement App and Explore New Opportunities for Artists
NEW YORK, Dec. 18, 2014 /PRNewswire/ -- TuneCore today announced the acquisition of DropKloud and addition of its co-founders, James DeNino and Kedar Frederic to the TuneCore team. The two will head up TuneCore's new office in Boston, where they will focus on product development in a new TuneCore innovation lab. This purchase furthers TuneCore's commitment to provide artists with the tools and resources needed to flourish in the music industry.
DropKloud is a modern, digital enhancement to the street team promotion, allowing artists to drop digital content - whether it's exclusive access to a song, an invite to a pop-up showcase or behind the scenes photos - into 'Klouds' available to fans in specific physical locations. Following a beta launch at SXSW 2014, the app is being further developed and is expected to launch in spring 2015 as an exclusive TuneCore Artist Services.
"As technology continues to shape the music industry, TuneCore strives to be at the forefront of the evolution," said Scott Ackerman, CEO of TuneCore. "We are excited to be able to provide the unique DropKloud product to TuneCore Artists as another tool to help them engage even more fans and expand their career as independent musicians. Our new innovation lab will be committed to creating cutting edge tools for our artist entrepreneurs."
James DeNino and Kedar Frederic both bring distinctive backgrounds and expertise that will help fuel and grow TuneCore's offerings.
"Joining the TuneCore team was such a natural transition for DropKloud," said James DeNino, Director of Product Strategy at TuneCore. Kedar Frederic, Director of Product Innovation, echoes that same enthusiasm by saying, "Our mission of providing Independent artists with innovative services that don't exist today is completely in-line with the TuneCore philosophy."
TuneCore brings more music to more people, while helping musicians and songwriters increase money-earning opportunities and take charge of their own careers. The company has one of the highest artist revenue-generating music catalogs in the world, earning TuneCore Artists $471.5 million on 10.6 billion streams and downloads since inception. TuneCore Music Distribution services help artists, labels and managers sell their music worldwide through iTunes, Amazon Music, Spotify, Google Play, and other major download and streaming sites while retaining 100% of their sales revenue and rights for a low annual flat fee. TuneCore Music Publishing Administration assists songwriters by administering their compositions through licensing, registration and worldwide royalty collection. Additionally, the Artist Services portal offers a suite of tools and services that enable artists to promote their craft, connect with fans, and get their music heard around the world. TuneCore is headquartered in Brooklyn, NY with offices in Burbank, CA, Nashville, TN and Boston, MA, and is backed by Opus Capital and Guitar Center. For more information, visit www.tunecore.com.
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