Warner Music and Elliot Grainge’s 10K Projects Strike Joint Venture
10K moves from Universal Music Group, and will become a standalone label.
Warner Music Group and Elliot Grainge’s 10K Projects announced a new joint venture today (Sept. 5). As part of the deal, 10K will become a standalone label under the WMG umbrella, joining the likes of Atlantic Records and Warner Records among WMG’s collection of record labels.
Grainge, the son of Universal Music Group chairman/CEO Lucian Grainge, initially launched 10K Projects in 2016 under Universal’s Capitol Music Group umbrella, with many of its projects distributed through Virgin Music. The label found success with artists like XXXTentacion, Trippie Redd, iann dior, Internet Money, controversial artist 6ix9ine and, most recently, Ice Spice.
As part of the switch from UMG to WMG, Eliot Grainge will remain as 10K’s CEO, and co-presidents Zach Friedman and Tony Talamo will also remain in place atop the label’s leadership ranks. Additionally, Grainge will join WMG’s global leadership team, the company said.
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“Joining Warner Music Group provides us with the backing, the collective expertise and vision to empower our artists and our employees on the next phase of our journey,” Grainge said in a statement, pointing to Warner Recorded Music CEO Max Lousada and Warner Music Group CEO Robert Kyncl as reasons behind the switch. “Max and Robert have been making all the right moves to position WMG for the future in what I think is one of the most fertile and exciting growth periods for the global music business. They have also shown that they value the kind of independent spirit and commitment to artist development that has made 10K successful so far. I know I speak for Zach, Tony and the entire team when I say how excited we are to get started in our new home.”
10K will be bringing along its full roster of artists, which also includes Surfaces, Aitch, YTB Fatt, SXMPRA and COIN, among others, while through its Homemade Projects subsidiary it also manages influencers and has a merchandise operation that works with several artists as well. Ice Spice will continue to record for 10K Projects/Capitol Music Group. Warner purchased 51% of 10K as part of the deal, Kyncl told Goldman Sachs on Wednesday (Sept. 6).
“Elliot and 10K don’t just discover original talent, they understand how to ignite fandom and create fresh impact with each release,” Lousada said in a statement. “It’s a label full of next generation possibilities — with its artists, its leader, and its team. As 10K joins our thriving network of independent music brands, we’re committed to giving it the freedom and backing to reach new heights.”
“We welcome 10K’s extraordinary artists, its talented founder Elliot, and his entrepreneurial team to WMG,” Kyncl added. “Together, we’ll grow our investment in artistry and accelerate the pace of our innovation.”
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