Universal/Buzznet Acquisition Machine Continues...
Disruptive times can produce strange bedfellows, either through acquisition, investment, or both. The latest example involves Universal Music Group, which is now an investor in community Absolute Punk (absolutepunk.net), thanks to a recent acquisition by Buzznet. Just last month, Universal announced a major investment in Buzznet, one potentially reaching $25 million.
The latest Buzznet buyout was confirmed by Absolute Punk founder Jason Tate on the site. "There have been some rumblings today that we have been 'acquired' by Buzznet and I’m excited to let you know that - welp, it's true," Tate wrote.
Absolute Punk is mostly geared towards lesser-known artists within emo, punk, alternative, ska, and other genres, though some featured artists invariably gain broader appeal. Still, Absolute is built on non-mainstream coolness, and Tate was careful to downplay the potential involvement of massive major Universal. "For those who rumbled about UMG and all that – UMG doesn't own Buzznet, they've made an investment in the company – those are two different things," Tate assured.
The Absolute Punk acquisition follows Buzznet buyouts of Stereogum and Idolator, both music blogs with sizable, targeted audiences.