Apple backs new music startup

(Reuters) – Apple Inc is backing a music startup launched by one of its former executives.

The company, called Gamma, is the brainchild of former Apple Music Global Creative Director Larry Jackson and veteran music executive Ike Youssef. It positions itself as an alternative to traditional record labels.

“The artists shaping today’s culture not only create music, but also video, film, podcasts, fashion, and more,” Jackson said in a statement Wednesday. “They shouldn’t have to jump through multiple hoops to express themselves.

Gamma says it will support content creation — whether that is music, video or podcasts, and provide audio and video distribution through Vydia, a company it acquired in December 2022.

Early projects will include work with Snoop Dogg and his Death Row catalog, Rick Ross, and Naomi Campbell, Gamma said. It also plans to collaborate with Todd Boehly’s Eldridge, whose investments include the Los Angeles Dodgers, which is a major backer.

The independent studio A24 is among the start-up’s investors. Gamma declined to comment on a published report that it has access to about $1 billion in capital.

(Reporting by Dawn Chmielewski in Los Angeles; Editing by Sandra Maler)