SESAC, Inc. has acquired the Harry Fox Agency for an undisclosed amount. According to the New York Times, the deal has been completed and will be confirmed later today.
So, what does this mean for the music industry? Well, ladies and gentlemen, this marks the first time in music industry history that a rights collection society operates in both performance and mechanical licensing. It's kind of a big deal.
With the new appointed Chairman and CEO, John Josephson being an ardent and experienced investor working closely under Chairman Emeritus, Stephen Swid, the industry is in for a storm of acquisitions to come from SESAC Holdings, Inc. This group of investors heralds a knack for capturing key markets and competitors and acquiring catalogs at the speed of light. Did we mention that SESAC also recently acquired a hefty controlling interest of micro-licensing and YouTube monetization firm Rumblefish, which now places the company's founder Paul A. Troiano, operations as an independent subsidiary of SESAC. Troiano seems very satisfied with the acquisition, and that's what counts. We can understand the move as well, being that Rumblefish will likely have access to more capital, consulting, and other invaluable resources through this acquisition. It's pretty genius if I may so myself.
SESAC has always been at the forefront of technology, innovation, and creativity as it relates to performance rights societies. Being the first to allow songwriters, composers, and publisher's to collect revenue from live performance through innovative technology and tracking systems, the corporate culture of SESAC prides itself on it capacities to foresee trends in the industry and to provide the firm's stakeholders with the most innovative and reputable information systems and technology platforms.
This is an interesting move for the SESAC family, and it looks like a promising future for the kings and queens of innovation of the performance rights community in the U.S. and abroad.