EMPIRE is not for sale, said company founder/CEO Ghazi at the Trapital Summit on Thursday (Oct. 3) in Hollywood.
While appearing on a panel titled “The Rise of Independent Music” at the inaugural edition of the conference, Trapital founder Dan Runcie played a short game of over/under with Ghazi, asking the EMPIRE head how many calls he’d recently received about selling the label/distributor.
“You run a music company that has done well from a business perspective and many companies that are your peers in this space are being acquired, they are selling, they are raising money,” Runcie said, adding that EMPIRE is an attractive company to acquire at the moment. He then asked Ghazi if he had received over or under four phone calls in the last 12 months poking around to see if he would sell or allow investment.
“I haven’t gotten any phone calls,” Ghazi said sternly to the audience. “Because everybody knows I’m not for sale. Period. I am dead serious. I am living my purpose. There’s no price on that.”
The declaration comes as independent music distributors like Stem, Downtown, ONErpm and Believe have begun fundraising and exploring acquisitions from major music companies and other investors. Earlier this year, Warner Music Group looked into acquiring Believe (talks between the two ultimately fizzled out) and later hired Goldman Sachs banker Michael Ryan-Southern to lead its search to buy a distributor.
While EMPIRE would be an ideal acquisition target for the majors or private equity, Ghazi said that’s not an option.
“I’m one of the very few people that I don’t give a s— about money. I care about money that I can share with other people within the livelihood that I get to create,” Ghazi said at the one-day conference. “I used to tell people when I started EMPIRE, ‘I want to be the Robin Hood of the music business.’ And I think that I’ve stuck to my principles. People will always poke around and it never gets to me.”
Ghazi explained that he has brushed off any inquiries that have come his way and has tried to keep his eye on the prize. “We’re helping thousands of people. We’ve created micro-economies all across this planet we call Earth and, for me, there’s nothing more special than that,” he added.
The EMPIRE CEO’s declaration comes as client Shaboozey’s “A Bar Song (Tipsy)” continues its No. 1 streak on the Billboard Hot 100 with 12 weeks at the summit to date.
“Did you ever think that one of the biggest songs you would have would be a country song?” Runcie asked during the conversation.
“I didn’t think it wouldn’t be,” Ghazi responded. The CEO went on to explain that about five years ago, EMPIRE set out to find stars and that in every genre they explored — including hip-hop, country and Afro music — they found someone special. “A lot of it just has to do with having the right taste, your thumb on the pulse and approaching the culture with understanding what they’re trying to do,” he said.