Gamma has raised a reported $100 million from Alpha Wave Global. Photo Credit: Gamma
About 11 months after officially launching, self-described “artist-first multimedia platform” Gamma has announced a reportedly $100 million raise and ambitious expansion plans.
Gamma, which was founded by former Universal Music higher-up Ike Youssef (who’s also president) and Apple Music vet Larry Jackson (who serves as CEO), unveiled the sizable round via a formal release. And while this message doesn’t identify the precise size of the involved tranche (Bloomberg pinpointed the $100 million figure and a $400 million valuation), it does indicate that Alpha Wave Global put up the capital.
Established 12 years ago, New York City-headquartered Alpha Wave – a backer of multiple companies from Elon Musk, whose Twitter/X remains embroiled in an NMPA infringement suit – has signed on as a strategic partner at Gamma as well. The latter’s “founding investors,” Apple and Eldridge Industries, are said to “welcome the addition and the vote of confidence.”
Looking ahead to the remainder of 2024 and beyond, Los Angeles-based Gamma highlighted plans for the development of new “capabilities in music, direct-to-consumer, and media, underpinned by a strong technical foundation and global perspective.”
Touting A24-backed Gamma’s achievements to date, the aforementioned Larry Jackson in a statement billed his company’s Vydia subsidiary (that buyout was disclosed last March) as “the fastest-growing distribution service in the music business.”
“In less than a year,” relayed Jackson, “gamma. has scaled across multiple key areas – our technology engine, Vydia, is the fastest-growing distribution service in the music business, we’ve expanded across two continents, and built an impressive roster of artists and creators across a multitude of consumer touchpoints.
“While I have immense pride in what we’ve been able to execute and how this team has come together to win, the real stakes are what’s ahead and we couldn’t be happier that Alpha Wave has joined to support our vision for the future,” he concluded.
And in comments of his own, Alpha Wave co-founder Rick Gerson emphasized Gamma’s perceived long-term potential.
“Combined with the company’s best in class leadership and team, and a global network of like-minded associates,” the Blue Ridge Capital founding member Gerson communicated in part, “we believe the already impressive momentum of the past year is just the beginning of a large-scale opportunity. We are thrilled to support the business and look forward to being a part of its future.”
Besides scoring a deal with Death Row Records owner Snoop Dogg, Usher-partnered Gamma during 2023 finalized a global pact with French Montana and, towards September’s conclusion, secured a multifaceted agreement with Rick Ross and his Maybach Music Group, to name a few developments.