Online dance music retailer The Beatport Group has acquired a majority stake in International Music Summit (IMS), which owns the annual electronic dance music festival IMS Ibiza.
Financial terms of the acquisition, announced Tuesday (January 31), were not disclosed. It came three months before the IMS Ibiza 2023 hits the stage at Destino Pacha in Ibiza.
IMS Ibiza was launched in 2007 by DJ, A&R exec and BBC Radio 1 presenter Pete Tong MBE and industry executive and artist manager Ben Turner, along with three other partners. Tong is being credited for playing a crucial role in the rise of Calvin Harris.
IMS Ibiza is a three-day immersive event that features live seminars, keynote interviews, technology masterclasses, performances, and industry networking opportunities.
It was created to inspire debate and discussion within the electronic music industry, says Beatport.
“IMS has become one of the most impactful gatherings for the global DJ and dance music industries, and everyone at Beatport is excited to take this brand to the next level.”
Robb McDaniels, Beatport
“IMS has become one of the most impactful gatherings for the global DJ and dance music industries, and everyone at Beatport is excited to take this brand to the next level,” Beatport CEO Robb McDaniels said.
“We look forward to partnering with Pete, Ben and the entire IMS team to broaden the IMS footprint as a major component of our plan to expand the Beatport brand around the world through community, education, and thought leadership initiatives,” McDaniels added.
IMS also publishes its annual IMS Business Report, which offers data, analysis and annual valuations about the music industry,
Following Beatport’s acquisition of a controlling stake in IMS, IMS Ibiza will continue to operate under the direction of its co-founders, with support from Beatport. Tong with fellow BBC Radio 1 dance presenter Jaguar will continue to host the annual event.
“We are very proud of what we’ve built at IMS over these past 16 years, driving the narrative and agenda of the culture forward from the genre’s spiritual home of Ibiza.”
IMS founding partners
“We are very proud of what we’ve built at IMS over these past 16 years, driving the narrative and agenda of the culture forward from the genre’s spiritual home of Ibiza,” said IMS founding partners Ben Turner, Danny Whittle, Mark Netto, Pete Tong & Simeon Friend.
“Aligning with Beatport, who have been supporters of IMS from our inception, will enable us to action many of our ideas on how to continue to grow the platform all year round; to further educate and mentor the next generation; and to help focus the industry’s attention on the issues that matter. It will help increase our ability to have more impact for the genre,” they added.
The deal between Beatport and IMS follows a string of acquisitions by Beatport in recent months.
In May 2022, the company acquired music discovery portal LabelRadar, which introduces artists and their music to labels, two months after Beatport bought UK-born music industry technology company, Ampsuite.
Music Business Worldwide