REYKJAVIK, Iceland (CelebrityAccess) — Music distributor and marketing company Ingrooves, announced it has expanded into Iceland through the acquisition of one of the island nation’s leading music distributors and record labels, Alda Music.
Following the acquisition, Alda will continue to be led by current CEO Sölvi Blöndal and his team, which is based in Reykjavík.
According to Ingrooves, the partnership will allow Alda and its Icelandic artists to access Ingrooves’ global distribution network to identify new audiences and build opportunities with international fans.
A relative newcomer, Alda was launched in 2016 by Sölvi Blöndal and Ólafur Arnalds and has quickly grown its reach to become one of the leading record labels in Iceland.
“Iceland has always played a substantial role in global music culture,” said Bob Roback, CEO of Ingrooves Music Group. “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.”
“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,” said Blöndal. “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,” said Frank Briegmann, Chairman and CEO, Universal Music Central Europe & Deutsche Grammophon. “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.”