Warner Music Group has formally rolled out a three way partnership with Elliot Grainge-founded 10K Tasks, which is now billed as “a standalone label inside the WMG ecosystem.”
The Massive Three label and seven-year-old 10K Tasks formally unveiled their tie-up (and the addition of Grainge to WMG’s government roster) in the present day. Beforehand distributed through Common Music Group’s Virgin – in fact, Elliot Grainge’s father heads the overarching UMG – 10K has helped popularize acts together with Trippie Redd, 6ix9ine, and Ice Spice.
However the newly inked JV pact, the latter rapper is poised to maintain releasing initiatives through 10K and UMG’s Capitol, Warner Music made clear. However the remainder of 10K’s “famous person roster,” together with Iann Dior, Natalie Jane, and the Peach Tree Rascals, is ready to grow to be a part of “the WMG fold.”
On the chief facet, the aforementioned 29-year-old Grainge will stay 10K’s CEO, the concerned events indicated, with Selfmade Tasks co-founders Zach Friedman and Tony Talamo staying aboard as 10K co-presidents.
Addressing the union, WMG recorded music CEO Max Lousada stated that his firm intends to provide 10K “the liberty and backing to succeed in new heights,” whereas WMG head Robert Kyncl communicated that the settlement will allow his enterprise to “develop our funding in artistry and speed up the tempo of our innovation.”
And in remarks of his personal, the youthful Grainge expressed the idea that help from the ADA mother or father Warner Music will allow 10K to enter “the subsequent section of our journey.”
“Max and Robert have been making all the proper strikes to place WMG for the longer term in what I believe is among the most fertile and thrilling progress durations for the worldwide music enterprise,” the Lionel Richie in-law Grainge proceeded partially. “They’ve additionally proven that they worth the sort of unbiased spirit and dedication to artist growth that has made 10K profitable up to now.”
Right now’s 10K Tasks deal represents the newest in a collection of JV agreements for Warner Music, which in July partnered with former Motown exec Marc Byers to debut through Warner Information an Africa-focused label referred to as Defend the Tradition. Then, August noticed Warner Information and its A&R president, Steve Carless, element the arrival of their Defiant Information three way partnership.
When the market closed in the present day, shares in Warner Music Group (which posted comparatively optimistic Q2 2023 financials) had been price $33.36 apiece, reflecting a roughly six p.c falloff for the reason that 12 months’s begin however an nearly 25 p.c hike from early September of 2022.