Believe buys Indian event production company Entco
French digital music distributor and artist services startup Believe has acquired Mumbai-based live event production company Entco, as the Parisian business strengthens its foothold in India.
Entco creates live events for brands and consumers across India, the Middle East, Southeast Asia and the United States. The acquisition aims to align Entco’s events with Believe’s growing artist services operations, music distribution and label services.
The acquired company, which will continue to be based in Mumbai, will be rebranded as Believe Entertainment. The company’s founders, Subramanian Iyer and Warren de Sylva, will stay on to lead operations.
“This strategic move will bring our artists and brands unprecedented access to the expertise and scale of Believe’s 44 global offices and more than 1,000 professionals,” says Iyer, co-founder and managing director of Entco.
“Our vision is to inspire audiences through extraordinary live music experiences and this new step is the perfect opportunity for us to scale up and expand our offering,” adds Entco creative director De Sylva.
“We have been growing quickly to a leadership position in the Indian market and with Entco’s expertise, Believe will have unparalleled ability to help creators in India”
“Believe will amplify what we’re able to provide through the power of one of the true global leaders bringing together technology and services to connect audiences with music.”
Denis Ladegaillerie, chief executive of Believe comments that, “Subramanian and Warren have uniquely brought live music experiences that bring artists, brands and consumers together.
“We have been growing quickly to a leadership position in the Indian market and with Entco’s expertise, Believe will have unparalleled ability to help creators in India build audiences, careers and revenue opportunities.”
According to figures supplied to IQ by PricewaterhouseCoopers (PwC), the live music industry was worth US$100 million in 2018, with a projected value of $110m for 2019. PwC estimates that the live market will continue to grow at a compound annual growth rate (CAGR) of 7.74% from 2018 to 2023, to $145m.
Pictured (l to r): Believe India director Vivek Raina, Believe Entertainment CCO Warren De Sylva, APAC-LATAM Believe director Sylvain Delange, Believe Entertainment CEO Subramanian Iyer.