All change as BMG exits live business

BMG is stepping away from the live music business after agreeing a deal which will see its two live companies, Undercover and Karo, transferred back to the minority shareholders.

The German-headquartered music giant acquired a majority stake in Brunswick-based promoter/event production firm Undercover in October 2020, enabling it to “offer artists an integrated tour promotion and ticketing service” on an opt-in basis, in addition to “releasing recordings and publishing songs”.

BMG and Undercover subsequently formed a strategic alliance with Karo, the company behind the Taubertal Festival, in 2021, and booked out Berlin’s 1,600-seat Theater des Westens every night until the end of 2024 to showcase domestic and international recording artists.

However, in late 2023, BMG CEO Thomas Coesfeld announced the company would be focusing on its…

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