Too Lost Music Group has entered into a definitive partnership agreement with Xelon Entertainment, under which Too Lost will acquire the Australian independent music distributor.
New York-headquartered Too Lost made the announcement on Tuesday (October 20). Xelon operates from Melbourne, New York, and the UK.
The deal remains subject to customary closing conditions and regulatory approvals, and the parties currently expect it to close by the end of 2026.
It comes three months after Too Lost acquired Brisbane-based GYRO.Group, extending its footprint across Australia, New Zealand, and the wider Asia-Pacific region.
Xelon founder Ashley Gay will continue to lead the business as President of Xelon, and will join Too Lost’s leadership team.
Gay will also drive Too Lost’s business development efforts across Australia, New Zealand, the broader APAC region, the UK, and Europe.
“I’m incredibly proud of what the Xelon team has built over the past two decades,” said Gay. “Joining Too Lost gives us the opportunity to accelerate that work and expand the Xelon footprint globally with greater technology, resources and global infrastructure while continuing to serve our clients with the same local expertise and independence that have defined us from the beginning.”
Founded in 2007 by Gay, Xelon says it has distributed more than one million recordings for independent labels and artists, with a focus on electronic and dance music.
Its label clients include Australia’s Sweat It Out, Central Station Records, and Balance Music, as well as 23rd Precinct, Unearthed African Recordings, Urbana Recordings, and, most recently, Paul Oakenfold‘s Perfecto.
According to the announcement, Xelon originally launched as a local artist services operation, bringing music from European acts including Tiësto and Armin van Buuren to Australian listeners.
“Joining Too Lost gives us the opportunity to accelerate that work and expand the Xelon footprint globally with greater technology, resources and global infrastructure while continuing to serve our clients with the same local expertise and independence that have defined us from the beginning.”
Ashley Gay, Xelon
Over the years, the company has handled releases for artists including Hans Zimmer, RÜFÜS DU SOL, Dom Dolla, Pitbull, Carl Cox, and Purple Disco Machine.
Xelon also says it is recognized as a preferred label distributor by platforms including Apple Music, Beatport, and Spotify.
Xelon opened an office in London in September, and appointed Giancarlo Cordasco as US partnerships manager.
“Ashley has built an incredible business with a deeply respected brand, and we’re excited about the opportunity to bring Xelon into the Too Lost Music Group ecosystem while preserving what has made the company so successful.”
Gregory Hirschhorn, Too Lost
“Xelon has spent almost two decades building trust with some of the most important independent labels and artists in Australia, New Zealand and beyond,” said Gregory Hirschhorn, CEO and Co-Founder of Too Lost.
“Ashley has built an incredible business with a deeply respected brand, and we’re excited about the opportunity to bring Xelon into the Too Lost Music Group ecosystem while preserving what has made the company so successful.
“Together with GYRO.Group, these partnerships meaningfully expand our presence in the region and give independent labels and artists across APAC and beyond a stronger global alternative to the major-label system.”
According to Too Lost, the combined business of Too Lost, Xelon, and GYRO.Group will bring together “technology, local market expertise, label services, distribution infrastructure and capital” to help independent music companies compete globally.
Advisers on the deal include King & Wood Mallesons, which is providing legal advice, and BDO and Deloitte, which are handling tax and financial diligence.
Too Lost now says that, across its portfolio, it serves more than half a million artists and record labels, and has more than 170 professionals across ten offices globally.
The company also claims to deliver approximately 10% of the world’s newly released music each day.
When MBW reported on Too Lost’s nine-figure investment round in March, the company said it served more than 450,000 musicians, record labels, studios, investors, and platforms.
That round was led by Charles Goldstuck‘s GoldState Music and private equity firm TA Associates, alongside a senior credit facility from Pinnacle Financial Partners.
Sources suggested at the time that the deal valued Too Lost at up to three times its annual revenue.
Too Lost confirmed to MBW in January that it surpassed $100 million in annual revenue for 2025.
The company also launched operations in the UK and Brazil last year through a joint venture with OnTheRadar.
As part of the GYRO.Group deal, the Brisbane company’s Co-Founder and CEO, Andy Irvine, took on the additional role of Head of APAC at Too Lost.
That transaction was Too Lost‘s first acquisition following the GoldState and TA investment.
Before it, the company had expanded largely through investments and partnerships, including seven-figure investments in catalog acquisition startup AntiFragile Equity Partners and independent label Rebellion Records in 2025.Music Business Worldwide