Warner Music Group has just announced it is acquiring IMGN Media, a company best known for creating shareable social media content including memes and short videos.
IMGN runs 10 channels across platforms like Instagram, Snapchat and TikTok. These channels include Daquan, which has over 6.5m followers on TikTok and over 15m on Instagram.
IMGN’s portfolio of channels span esports, gaming, entertainment, ASMR, and more. The company also owns AI tech which it says “enables social content publishing at scale”.
IMGN, which bills itself as “Makers Of Youth Culture”, reportedly produces over 5,000 pieces of content each month.
To generate revenue, IMGN has worked with commercial partners such as Microsoft, Burger King and Electronic Arts. It says it creates “branded content for today’s most imaginative brands”.
“WMG NOT ONLY OFFERS US GREATER INVESTMENT AND SUPPORT, BUT AN ENTREPRENEURIAL ENVIRONMENT TO CONTINUE GROWING OUR BUSINESS, WITH THE PEOPLE RUNNING OUR ACCOUNTS HAVING EDITORIAL INDEPENDENCE.”
BARAK SHRAGAI, IMGN MEDIA
Founded in 2015 and headquartered in New York and Tel Aviv, IMGN is run by its CEO, Barak Shragai.
As with UPROXX, Warner says that under its ownership IMGN will continue to run as a standalone entity “with journalistic autonomy”.
Shragai will remain CEO of the company.
WMG said that the addition of IMGN to its organization will bring “additional revenue opportunities” and provide “insight into social media trends”.
“WMG not only offers us greater investment and support, but an entrepreneurial environment to continue growing our business, with the people running our accounts having editorial independence,” said Shragai.
“We’re excited to partner with them as we take our company into the future.”
According to Crunchbase, IMGN has raised $6m to date, with investors including UTA Ventures, Ron Zuckerman and Rhodium.
H/T : Music Business Worldwide