Sony Music Entertainment (SME) has completed the acquisition of Greek music label Cobalt Music. The investment marks the re-establishment of Sony Music Entertainment Greece, a new branch of Sony Music's global network, confirming the company's commitment to expanding its footprint in fast-growing international markets.

Through the newly formed Sony Music Entertainment Greece, the company will bring its global expertise to the local repertoire, offering artists new opportunities to connect with international audiences. Famous Greek artists and catalogues previously handled by Cobalt Music will now benefit from Sony Music's expertise in innovative technology, marketing resources, and its global distribution network.

Founded in 1957, Cobalt Music has played a pivotal role in the Greek music industry for decades, building an iconic catalogue of domestic repertoire and implementing capital-efficient services. Through the years, Cobalt Music has remained at the forefront of the Greek music scene, developing some of the country's most beloved artists and consistently creating chart-topping hits. With this acquisition, Sony Music Entertainment Greece aims to preserve and enhance this legacy while providing expanded opportunities for Greek talent.

Anna Maria Antippa, who has been appointed CEO of Sony Music Entertainment Greece, brings a wealth of experience in the music industry, having held leadership positions in the Greek music industry for almost two decades. Her leadership will direct the company's mission to promote local talent and engage the Greek music scene on a global scale.

Daniel Lieberberg, President of Sony Music Continental Europe and Africa, said: "We see huge potential in the Greek market, which has a rich musical heritage and a vibrant contemporary scene. With the acquisition of Cobalt Music, we aim to provide even more opportunities for local artists to thrive. Under the leadership of Anna Maria Antippa, we will preserve Cobalt Music's legacy while bringing Greek music to a wider global audience."

Anna Maria Antippa, CEO of Sony Music Entertainment Greece, added: "I am honoured to lead Sony Music Entertainment Greece and to be part of this incredible opportunity for our artists. This allows us to leverage Sony Music's global platform while continuing to champion the rich cultural heritage of Greek music. I look forward to fostering new collaborations, developing talent and connecting our artists with the world."

The Greek music industry has experienced significant growth in recent years, with total recorded music revenues reaching US$70.4 million in 2023, an increase of 14.91% year-on-year. The main driver of the market is streaming, which accounts for 63.1% of total revenue (US$44.4 million), reflecting an annual growth of 15.2%. In addition, sync revenues have seen a significant increase of 49.4%, contributing to overall market growth. This strong growth positions Greece as an emerging force on the global music scene, with domestic artists dominating the charts, and the top 10 tracks in Greece for 2023 coming from Greek artists (Source: IFPI Global Music Report 2024).