As reported by Music Business Worldwide, Reservoir has struck a deal to bring UK-based music company Blue Raincoat Music and its subsidiary Chrysalis Records into Reservoir's portfolio of offerings. The deal includes master rights to Chrysalis Records' entire catalog of hits including Sinead O'Connor's "Nothing Compares 2 U," Generation X's "Dancing With Myself," and more.
Founded in 2014 by former Chrysalis Music CEO Jeremy Lascelles and Grammy-winning record producer Robin Millar, Blue Raincoat Music is home to a standalone operating record label that houses the Chrysalis Records catalog. Chrysalis Records represents over 20,000 recordings comprised of many iconic British and American rock and pop tracks from the 1960s to 1990s. In addition to Sinead O' Connor and Generation X, the catalog, acquired through divestment from Warner Music Group in 2016, includes recordings performed by the likes of The Specials, Debbie Harry, Suzi Quatro, Lucinda Williams, The Waterboys, Ultravox, and Everything But The Girl, among many others.
Lascelles and Millar will maintain their positions running the Chrysalis Records label, as well as Blue Raincoat's day-to-day business operations, including overseeing a staff of nearly two dozen based in London. Blue Raincoat's management and publishing arms are not changed by this deal and will continue to operate separately under its existing structure led by Lascelles and Millar.
"Reservoir is committed to being a full-service music company, bringing the highest-quality and most diversified offerings to our growing roster of songwriters and artists," said Reservoir Founder and CEO Golnar Khosrowshahi. "From the first meeting with Robin and Jeremy, it was evident that we had found the right partners to expand into the independent label business."
"It goes without saying that this is a turning point at Reservoir and we are thrilled to be working with Robin, Jeremy, and the entire Chrysalis team towards the seamless integration of our two companies," added Reservoir President and COO Rell Lafargue. "Given Reservoir's platform and resources, we saw an immediate opportunity to bring all the synch work in-house and have already secured significant noteworthy synchs with Fidelity Investments, Lionsgate's 3 From Hell and FX's Pose. Our dedicated YouTube team has ingested the Chrysalis catalog and will work with the Chrysalis marketing team to build and improve on the revenues realized in this area. As we manage this integration process, we will all look to take advantage of the diverse expertise that each company brings to the table to enhance value for all of our talent, songwriters and artists alike."
Millar explains, "The choice was an easy one on both sides. We each have huge respect for the other's great team and how they operate. The shared dedication to supporting independent music with a global reach made the joining up the businesses ideal, with like-minded individuals and two companies respectively looking to expand their platforms and service offerings. Our relationship with Kobalt/AWAL is still in place for distribution and we will look to reignite that relationship with our new partners in Reservoir."
Lascelles further notes, "We are very excited to explore ways in which both companies can benefit from each other's skills, knowledge, and experience and we believe this is a fantastic opportunity for Blue Raincoat, Chrysalis Records, and Reservoir as we collectively look to harness the growth in the music business, take advantage of our shared expertise, and forge ahead with a comprehensive offering for our joint roster of artists and songwriters."
