Jamar Chess launches funding group to purchase Latin Music rights

It’s no secret that Latin Music’s worth is hovering.

In April, MBW predicted that the recorded music marketplace for Latin artists in america will generate over a billion {dollars} in income throughout the 12 months of this yr.

Final month, new mid-year information printed by the RIAA confirmed that on a retail foundation, Latin Music continues to be on track to hit that $1 billion income threshold in america this yr, after rising 23% within the first half of 2022, to achieve $510 million. 

Now, alongside Latin Music’s rising reputation and rising worth, a brand new music funding group referred to as Wahoo Music has launched within the US – and it says that purchasing Latin Music rights will probably be a precedence.

The agency’s first deal, by way of Wahoo Music Fund One, is a 50% stake within the publishing and recording catalogs of Oro Solido, described by the corporate as “one of the widespread merengue teams of the final 20 years”. The deal was for an undisclosed sum.

Wahoo Music is headed up by two music trade veterans, together with President Jamar Chess and CEO Paul Tarnopol.

Tarnopol is CEO of Menudo Worldwide, Spy Music Group, Inc. and Brunswick Document Company, whereas Chess, is the President and co-founder of Latin Music specialist Sunflower Leisure Group, and grandson of the legendary Leonard Chess, who began Chess Data.

Tarnopol instructed MBW that “Jamar’s experience in music publishing and my background in digital distribution and licensing provides us the power to guage, buy and administer each songs and grasp recordings”.

“It is a key motive why this partnership is sensible,” he added

Chess, whose Sunflower Leisure Group partnered with Spirit Music Group to launch Spirit Music Latino again in 2016, instructed MBW that “Latin is a precedence” for his new Wahoo Music enterprise.

“I’m bullish on the style and area, however we’re open to ‘non-Latin’ offers,” he added. “I do know the Latin house effectively, and there’s a ton of alternative, particularly in Colombia, Mexico, and the Dominican Republic.”

Based on Tarnopol, Wahoo Music Fund One “was fashioned particularly” for the Oro Solido deal and was funded by each Wahoo Music and an undisclosed third social gathering.

“Particular person funds will probably be fashioned for every catalog acquisition and a lot of the funds will probably be for belongings beneath $10 million,” he added.

“The long-term plan is to construct a considerable music catalog that steadily grows in profitability for our firm, companions, and artists.”

“I do know the Latin house effectively, and there’s a ton of alternative, particularly in Colombia, Mexico, and the Dominican Republic.”

Jamar Chess

Wahoo says that it acquired the stake within the Oro Solido catalogs from the group’s founding member Raul Acosta. Based on a press launch saying the deal, “Acosta acquired the rights in 2016 from Platano Data, the label that initially launched the recordings”.

With a catalog encompassing 10 studio albums, 4 dwell albums, and three ‘Finest Of’ compilations, Wahoo Music says that Oro Solido has been “one of many merengue’s most profitable artists to emerge within the modern period”.

Additionally included on this acquisition are the group’s future ‘Best Hits,’ dwell and/or acoustic albums plus Sound Alternate and neighboring rights royalties for each album within the catalog.

Wahoo says that the deal alerts its “very good relationship” with Acosta “and perpetuates and advances merengue’s essential standing because the nationwide dance of the Dominican Republic”.

“I had an current relationship with Raul Acosta p/ok/a Oro Solido so I do know the catalog and earnings intimately,” Jamar Chess instructed MBW. “Raul’s catalog of Merengue compositions are considered as classics within the style and throughout the Dominican Republic and LATAM. It’s the right first transaction to launch the corporate with Paul.”

“Whereas most music funding teams goal giant catalogs, our focus is on smaller high-quality catalogs which might be typically ignored by typical music funding teams.”

Paul Tarnopol

Commenting on what differentiates Wahoo Music within the M&An area, Paul Tarnopol defined that, “we’re assured in the way forward for the music trade and in our capacity to handle IP effectively”.

He added: “Whereas most music funding teams goal giant catalogs, our focus is on smaller high-quality catalogs which might be typically ignored by typical music funding teams.”

“I’ve had an amazing working relationship with Jamar Chess for a few years distributing Oro Solido and my label FestivaMusic/24k Data and I’m excited to associate with Wahoo Music to maximise our catalog and live shows.”

 Raul Acosta, Oro Solido

Stated Raul Acosta (Oro Solido), in a press launch saying the deal: “I’ve had an amazing working relationship with Jamar Chess for a few years distributing Oro Solido and my label FestivaMusic/24k Data and I’m excited to associate with Wahoo Music to maximise our catalog and live shows.

“I additionally wish to thank our agent supervisor Elis Pacheco and attorneys Michael Selverne and www.Festiva2go.com in-house counsel Marc Stollman who helped make this deal attainable”.Music Enterprise Worldwide