Todd Boehly, Apple and A24 back Larry Jackson's music startup
Music industry vet Larry Jackson is launching a new music startup, Gamma, that has $1 billion in backing led by Todd Boehly, with Apple and A24 also as investors, Bloomberg reports.
Why it matters: The former Apple Music creative director is one of the biggest names in the recording industry and is now trying to disrupt the major labels.
The big picture: Gamma operates as a one-stop-shop for artists who want more control over their work and to expand beyond music.
- Gamma already has deals with Snoop Dogg, Usher and Rick Ross to release new music. Jackson also has a joint venture with Snoop to distribute the catalog for Death Row Records.
- The company is also working with A24 to develop movie ideas, as well as a slate of podcasts with online media brand The Shade Room.
- Jackson is offering artists long-term licenses for their music, rather than owning the rights like the top labels.
Of note: Gamma recently acquired Vydia, a streaming-focused distribution company.