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Warner Music Group has acquired digital compilation company X5 Music Group, it was announced Thursday.
Financial details weren’t disclosed.
Stockholm-based X5 specializes in licensing deep catalog and specific genres of music to create playlists, streaming and download services. The company’s existing management team, led by CEO and co-founder Johan Lagerlof, will continue to guide the company, overseen by Tim Fraser-Harding, Warner Music’s president, global catalog, recorded music.
X5, founded in 2003, originally licensed and curated classical repertoire before branching out into other genres.
“X5 is an incredibly exciting company that has done great things in the digital space,” said Fraser-Harding. “This team, led by Johan, has an impressive ability to curate specific genres of music and create engaging and accessible digital products and playlists. We hope to help X5 grow its business in the years ahead and believe that we in turn will benefit hugely from its experience.”
Said Lagerlof: “Our business is to increase the value of catalog music by putting it in the right context. We are excited to be working with the amazing catalog of Warner Music Group and look forward to harnessing our scalable business model to increase its value.”
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