Name:Audio Network? Industry/sector: Miscellaneous Date founded: 2001 The boss: Juliette Squair Location: South East Latest turnover: ?14.8m Three-year compound growth rate (%): 35.12 Latest EBITDA: ?6.2m
In 1999, founders Robert Hurst?and Andrew Sunnucks?came up with the concept for a music company that made it easy and simple to license high quality?music for films?and?TV. Up until then, the complexity of pre-existing contracts with composers and agents had meant that clearing music had become one of the most difficult parts of the production process. A key part of the new business model was to produce a new catalogue of music created with content makers in mind. The company’s website suggested that the first people to embrace the idea were jazz legends John Dankworth?and Cleo Laine, who were later joined by composers such as Evelyn Glennie,?Tim Garland,?Terry Devine-King,?Chris Blackwell?and?Paul Mottram. All the composers on the initial hit list encouraged financiers to invest. The idea became a reality in July 2001. Audio Network has over 70 members of staff,?600 composers?and around 40 submissions from composers every day, according to the company. And in July 2013, Stripes Group, a US private equity firm, took a minority stake in the company to help it develop technologies and new ways of distributing its music to global markets. At the end of 2014, Audio Network had been shortlisted for the?High Growth Business of the Year Award at the?Private Business Awards 2014. It also announced a series of promotions and new appointments to strengthen its?European TV team, as well as the opening of a new office in Manchester.
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