Ingrooves Music Group has expanded into Iceland via the acquisition of prominent label and distributor Alda Music.
Alda CEO Sölvi Blöndal will continue to lead the company’s team based in Reykjavík.
Ingrooves says that they will now work closely with its global music network to “strengthen local operations, nurture Iceland’s grassroots music scene, elevate engagement, identify new audiences and build opportunities for Iceland artists worldwide”.
Alda was founded in 2016 by musicians Sölvi Blöndal and Ólafur Arnalds.
The acquisition and move into Iceland follows a period of significant expansion for Ingrooves.
Over the past six years, Alda Music has created what Ingrooves calls “a music powerhouse within the Nordics”.
“In just a few years, Sölvi and his team at Alda have built Iceland’s most powerful distribution network with an incredible roster of local artists.”
Bob Roback, Ingrooves Music Group
Bob Roback, CEO of Ingrooves Music Group, said: “Iceland has always played a substantial role in global music culture.
“In just a few years, Sölvi and his team at Alda have built Iceland’s most powerful distribution network with an incredible roster of local artists.
“We are looking forward to working closely with them as we invest in the local music community and expand opportunities for artists both within Iceland and around the world.”
“I can think of no better partner than Ingrooves to help our artists establish new audiences around the world.”
Blöndal added: “Increased access and adoption of music streaming services continue to transform the global music market enabling Icelandic artists more visibility and ability to thrive globally.
“I can think of no better partner than Ingrooves to help our artists establish new audiences around the world.
“Our potential to market both new and catalog music within Iceland and beyond will be greatly enhanced through the innovative technology, tools, and expertise of Ingrooves.”
“As part of the global Universal Music family, we welcome Alda to the Nordics ecosystem.”
Frank Briegmann, Universal Music Central Europe & Deutsche Grammophon
Frank Briegmann, Chairman and CEO, Universal Music Central Europe & Deutsche Grammophon, said: “As part of the global Universal Music family, we welcome Alda to the Nordics ecosystem.
“Alda is a perfect partner for Ingrooves to create a strong local presence, utilizing their unique and unrivaled technology and services to benefit the local independent artist community.
“Sölvi has already built a solid business with most Icelandic music rights holders signed to Alda. We strongly believe in the future of the Icelandic music scene and its potential as a significant global player.”Music Business Worldwide