Iconic rock music magazine Rolling Stone has agreed to sell 49 per cent of itself to Singapore’s BandLab Technologies.
Publisher Wenner Media has agreed to the sell off as part of a cunning plan to expand the business into new markets and boost its profile in Asia.
The acquisition could lift the music magazine’s brand in Asia. At the moment Rolling Stone is suffering from falling advertising revenues as Internet magazines fail to find a model which works.
BandLab, led and co-founded by Kuok Meng Ru, the 28-year-old son of Singaporean palm oil tycoon Kuok Khoon Hong, is a group of companies making products for music creators and fans. It runs a cloud platform where musicians and fans create music, collaborate and engage with each other across the globe.
Gus Wenner, head of digital of Wenner Media said Rolling Stone sees an enormous opportunity to diversify the brand into new markets and new areas of business.