UNIVERSAL SELLS CURVE ROYALTY SYSTEMS TO MERLIN AND MATT SPETZLER’S JAMEN CAPITAL
Brussels, 8 June 2026
As part of the European Commission’s conditions for approving Universal Music Group’s acquisition of Downtown Music Holdings, Curve Royalty Systems had to be sold and news in today is that UMG has agreed a sale withMerlin and Matt Spetzler’s Jamen Capital, ensuring the royalty platform returns to independent ownership.
As Merlin CEO Charlie Lexton put it: “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, IMPALA Executive Chair added: “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.
About Merlin
Merlin is the digital music licensing partner for the world’s leading independent labels and distributors. We’ve negotiated premium deals with Apple, Canva, Deezer, Meta, Spotify, YouTube, and 40 other innovative platforms around the world. Our global membership is from 70+ countries around the world, representing 15% of the recorded music market. Merlin operates for the benefit of its members, without investors looking for an exit, and is funded entirely by our low 1.5% admin fee. Merlin helps the world’s leading independents to own their digital business through world-class deals and white-glove support.
Merlin’s membership includes independents such as !K7, AEI Music, Anjunabeats, Armada Music Group, AudioSalad, Better Noise, Cinq Music Group, Curb Records, Epitaph Records, Exceleration Music, Freeme Digital, GYROstream, Hopeless Records, IDOL, Innercat Music, Kompakt, Kontor New Media, Lex Records, Mad Decent, Many Hats, Merge Records, MNRK Music Group, Mushroom Music, Nettwerk, Ninja Tune, ONErpm, Polyvinyl Records, Pony Canyon, Redeye, Secret City, Secretly, Stones Throw, Sub Pop, Symphonic, UnitedMasters, Wagram Music, Warp Records, Zebralution, and hundreds more.
About IMPALA
IMPALA was established in 2000 and now represents over 6000 independent music companies in Europe. 99% of Europe’s music companies are small, micro and medium businesses and self-releasing artists. Known as the independents, they are world leaders in terms of innovation and discovering new music and artists – they produce more than 80% of all new releases and account for 80% of the sector’s jobs. IMPALA’s mission is to grow the independent music sector sustainably, return more value to artists, promote diversity and entrepreneurship, improve political access, inspire change, and increase access to finance. IMPALA works on a range of key issues for its members and started a new co-funded work programme as an EU cultural network in 2025. IMPALA runs various award schemes and has a programme aimed at businesses who want to develop a strategic relationship with the European independent sector – Friends of IMPALA. This year we are celebrating our 25th anniversary with a series of interviews Faces of the Independent Sector and other features, see more here.
