Music Tech M&A: Apple x Swell, CBS x Eventful, Kapipal x WeLoveYourSongs
Music tech merger and acquisition activity isn't just happening in the streaming music space. Sometimes it's even happening where people wouldn't expect it to exist. For example, Apple is rumored to be buying Swell, known as a news app. CBS Local Media is buying Eventful which offers events listings and promotions including music. And personal crowdfunding service Kapipal recently bought WeLoveYourSongs, a community for unsigned musicians that will now add crowdfunding.
Sources Say Apple Is Buying Swell
"Multiple sources" told Re/code that Apple is buying Swell in a deal "worth about $30 million."
Some of the team members are expected to go to Apple and the app will be shut down this week. I assume we'll see traces in future Apple radio efforts.
CBS Agrees To Buy Eventful
There is a concert section as one of the main forms of events on the platform.
Last week CBS Local Media announced an agreement to acquire Eventful for an undisclosed sum.
It sounds like Eventful will remain intact with a variety of CBS Local Media integrations.
Kapipal Acquired WeLoveYourSongs
Kapipal is a crowdfunding platform focused on raising money for "personal projects, charities, and causes by reaching out to friends, family, and online contacts." Kapipal is part of the Grow VC Group.
According to the announcement:
"WeLoveYourSongs will continue its existing operations supporting unsigned musicians and helping music fans to discover new talented underground musicians, with a roadmap in place first to bring more crowdfunding support to artists and to integrate Kapipal’s crowdfunding platform in the future."