Seoul, South Korea. Photo Credit: Mathew Schwartz
Beyond Music has officially purchased the catalog of veteran producer and songwriter Greg Wells, who’s worked with Adele, Taylor Swift, Dua Lipa, Quincy Jones, and a number of others.
Seoul-based Beyond Music, which arrived on the scene in May of 2021 and secured a ₩200 billion (currently $154.31 million) investment from Praxis Capital in December of the same year, unveiled this latest music-IP play today.
Higher-ups previously announced a ₩46.6 billion ($35.98 million) deal for KNC Music, a ₩47 billion ($36.29 million) acquisition of FNC Investment, and, over the summer, an approximately ₩50 billion ($38.61 million) transaction encompassing the catalog of Interpark.
Now, Beyond has evidently shifted its focus to the song rights of stateside creators, billing today’s purchase – executed specifically via Beyond Music U.S. – as its “first major U.S. acquisition” and emphasizing broader plans “to become a global music rights management company.”
London, Ontario-born Wells’ many credits extend to Adele’s “One and Only” (songwriter), John Legend’s “Never Break” (songwriter and producer), OneRepublic’s “Apologize” (producer on the original as well as the Timbaland remix), Taylor Swift’s “Beautiful Ghosts” (producer), and Celine Dion’s “The Reason” (songwriter), to name just some tracks.
Additionally, Wells has credits on works from Katy Perry, The Goo Goo Dolls, Carly Rae Jepsen, The Veronicas, The All-American Rejects, Weezer, Ted Nugent, Rascal Flatts, and Keith Urban, among many others. In a statement, Wells touted Beyond’s perceived “commitment to creative freedom” and the company’s vision for his work.
“It is indeed an honor to be the first major music catalog acquisition for Beyond outside the Korean market,” said the Grammy winner Wells, who produced the soundtrack album for the 2021 film In the Heights. “I am impressed with their commitment to creative freedom as well as maximizing the impact of my songs. I feel my work is in good hands with them.”
And in a statement of his own, Beyond Music CEO Jangwon Lee made clear that he expects his company to emerge as a “game changer in the market” in the approaching months and years.
“Now is the time to become a global music rights management company by securing not only Asian, but also international music rights,” communicated Jangwon Lee, who doubles as the CEO of Contents Technologies, which launched a K-pop ETF in September.
“We will continue to become the game changer in the market and create positive synergy through close cooperation with media and entertainment companies for the industry’s growth,” finished the Beyond Music head, whose business is now said to have ₩300 billion ($231.62 million) in assets under management.