Warner Music Group acquires Israeli company IMGN Media
As reported by TechCrunch, digital media company IMGN Media has been acquired by Warner Music Group for under $100 million.
Warner Music Group is one of the largest entertainment companies and record labels in the US with a market capitalization of $15.4 billion. Until recently, the recording giant was a customer of IMGN Media, a tech-media company specialized in producing and programming viral social media content on mobile-first platforms in esports, gaming, ASMR and entertainment categories.
New York and Tel Aviv-based IMGN Media was founded in 2015 and has raised about $6 million to date. According to WMG, “IMGN Media will continue to be run by its CEO Barak Shragai, as a stand-alone entity with journalistic autonomy.” Moreover, IMGN will continue to support its list of leading customers that includes Electronic Arts, Burger King and Microsoft among others.
Warner Music Group is planning to use the IMGN’s platform to provide deep data-backed insights regarding Warner’s viral content, as well as analyzing what content people want to see to improve its marketing efforts accordingly.