The Wall Street Journal tells readers about the minority interest the group has sold to a Singapore-based social music company.
Rolling Stone has struck a chord with a new investor.
BandLab Technologies Ltd., a closely held Singapore-based social music company, has purchased a 49% stake in the storied music brand, including the magazine and its digital assets. Rolling Stone has struck a chord with a new investor.
The move comes as many publishers are seeking to broaden their portfolios to become less dependent on print advertising revenue.
Ad pages declined 14% at Rolling Stone between January and August compared to the same period a year ago.
BandLab’s investment provides Rolling Stone with the opportunity to expand into the live event, hospitality and merchandising businesses in Asia—areas where BandLab has experience. Its flagship product is a digital platform for creating and sharing music.
Rolling Stone’s website in August attracted 17.7 million unique U.S. visitors, up 59% over a two-year period, according to media measurement firm comScore Inc.