Universal Music Group (UMG) has finalized a sale of Curve Royalty Systems to Merlin and Jamen Capital, the investment firm of Matt Spetzler. The transaction fulfills a divestiture requirement imposed by the European Commission (EC) as a condition of approving UMG’s acquisition of Downtown Music Holdings, and returns the royalty platform to independent ownership.
Merlin CEO Charlie Lexton stated: “Curve provides an essential service to independent music businesses around the world and has earned enormous trust through the quality of its service and relationships.” He added: “Merlin is here to enable our members’ independence, and to be truly independent our sector needs its own infrastructure. Curve is central to that. That’s why ensuring its future independence and neutrality was vital to us and it’s why we stepped up to make this acquisition. We are delighted to support the next stage of Curve‘s growth while ensuring it remains a part of the community it serves.”
Helen Smith, Executive Chair of IMPALA (Independent Music Companies Association), welcomed the move: “Restoring Curve to independent ownership is great news for the independent ecosystem and we look forward to the EC approving. A detailed phase two investigation was carried out by the EC and we thank them for taking that on and securing this divestment – the only phase two decision in 2025 that resulted in remedies. The report ‘Powering an Independent and Culturally Diverse European Music Ecosystem’ (full report / infographic) by analyst Dan Fowler earlier this year underlines the importance of diversity and independence for the whole ecosystem.”
Merlin operates as a digital music licensing partner for the world’s leading independent labels and distributors, with premium deals across platforms including Apple, Spotify, YouTube, Deezer, Meta, and over 40 others. Its global membership spans more than 70 countries and represents 15% of the recorded music market. IMPALA was founded in 2000 and now represents over 6,000 independent music companies in Europe, where 99% of music businesses are small, micro and medium enterprises and self-releasing artists.
