Minneapolis, MN. Navarre Corporation and Walter Yetnikoff, industry leader and former CEO of CBS Records, today announced the formation of VelVel Records.
The new independent music company will serve as a full-service umbrella company for a group of both new and established independent music labels, providing funding, marketing, promotional and creative support. The company has already signed a deal with Bottom Line Records and has acquired a non-controlling interest in Razor & Tie Records.
“VelVel is intent on bringing a wide array of music by today’s rising stars and established talent to as many consumers as possible,” said Yetnikoff. “We are going to compete on a level playing field with the major labels, with a reach only previously enjoyed by those major labels. We will show that independent labels are the future of this business.”
VelVel has already signed recording deals with Five-Eight, an alternative band from Atlanta; Band de Soleil, featuring gritty singer/songwriter Michelle Malone; Babyfat, another alternative rock act; and Prairie Oyster, a Juno Award-winning Canadian country group.
“We expect to have an immediate impact on the industry,” said VelVel’s President Bob Frank. “We’ll have great freedom to provide creative, operational and financial support to our labels, marketing and promoting some of today’s best artists.” Frank indicated the VelVel will have 15 employees by year end and is now in discussion with candidates for executive positions in marketing, media, promotions, finance and A&R.
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