Two of the UK’s favourite music publications, including 60+ year staple NME, have been acquired by Singapore’s BandLab Technologies.
Music and tech company BandLab Technologies have acquired some prime real-estate in the UK’s music industry. It was confirmed last week that the Singapore-based company have purchased NME and Uncut, two significant online music publications.
The purchase comes a year after NME moved entirely online, releasing it’s last issue ever in May 2018. The notorious publication has been running since 1952 and shifted to a free model in recent years to attempt to bring in more readers as print publication sales dwindled. They eventually went entirely online seeing the market had shifted to the web.
Along with Uncut, NME will join Guitar.com and MusicTech as recent acquisitions into BandLab’s growing music roster. BandLab’s primary business is running their own music creation platform which takes a twist on DAW-style software by making it social with a network between creators sharing and discovering each other’s creations.
BandLab Technologies CEO, Meng Kuok said: “These brands occupy a treasured place place in the UK music landscape and increasing relevance to the global music scene, which we are looking to enhance and extend. These two media brands will play an important role in continuing our vision to create a connected world of music.”
None of the parties have disclosed any of the financial details surrounding the deal but BandLab are confident that there will be no cuts to the staff and that publishing will remain the same. Discussions surrounding the return of NME in-print will happen after the deal is closed.
TI Media, NME and Uncut’s current owners, have praised the two publications as they send them off to their new family. TI Media’s CEO, Marcus Rich said: “NME and Uncut will always have a special place in our story. Their reputation for stand-out, award-winning journalism spanning seven decades goes well beyond the world of music and I’m proud they’ve attained that status as part of our company.
“At the same time, we need to recognise that to achieve the next stage of their evolution, NME and Uncut will be better placed with a business that has music at its heart.”