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Entertainment trade magazine Backstage said Wednesday it has paid an undisclosed sum to acquire Sonicbids, a 12-year-old digital company that helps to connect musicians with promoters and is likened to a LinkedIn or CareerBuilder for the music industry.
Likewise, Backstage has been a source for actors, models, dancers and other performers to find work with casting directors and the like for 53 years, and the acquisition of Sonicbids is expected to instantly boost its presence in the world of music.
The newly combined company boasts 600,000 registered users and 60,000 paying subscribers, and executives are predicting growth, considering there are approximately 7 million performing artists in the U.S. and about 100 million worldwide, according to a Rand study. The combined company will be run by Backstage chairman and CEO John Amato.
Back Stage is owned by Guggenheim Partners, which also owns Guggenheim Digital Media, the parent company of The Hollywood Reporter.
“Sonicbids and Back Stage share the same mission of opening doors for the creative community,” said Panos Panay, founder and CEO of Sonicbids. “Joining forces creates amazing synergies and brings the worlds of music, film and social marketing even closer together.”
“This market has great growth potential but has been underserved,” added Amato. “We want to step in to become the destination site for performing artists to book opportunities, manage their careers and educate themselves.”
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