The D’Amelio family, an American social media family who gained prominence through the popularity of their daughters, Charli D’Amelio and Dixie D’Amelio, on TikTok, has teamed up with Firebird to establish DamGood Mgmt, a multimillion-dollar music-focused management company.
That’s according to a report by The Wall Street Journal on Friday (June 9), which cited “people familiar with the matter.”
Sources reportedly said that DamGood Mgmt will oversee the family’s diverse ventures while seeking to sign other online stars with musical talents.
The D’Amelio family is expected to hold an ownership stake in DamGood, which aligns with Firebird’s approach of driving revenue growth on multiple fronts, not just in the music industry.
“Our focus is on growing the entire revenue pie for an artist, not just a single income stream,” Nathan Hubbard, chief executive of Firebird and the former chief executive of Ticketmaster, was quoted by the Journal as saying.
Firebird has reportedly set aside an initial $20 million for the joint venture that will manage siblings Charli and Dixie D’Amelio and their parents’ ventures. The family collectively generates $30 million in annual income and boasts more than 400 million social media followers, sources reportedly said.
Firebird, founded by Hubbard and ex-KKR partner Nat Zilkha, has raised more than $400 million from investors including Goldman Sachs, KKR and Pritzker Organization, the Journal said.
The firm has, to date, deployed more than $250 million through investments in 10 management, recorded music and publishing outfits, executives reportedly said.
Just last week, Firebird confirmed that it has picked up stakes in a number of music and music-adjacent companies including Ntertain, a Latin-focused content and media company co-founded by entrepreneur Lex Borrero, producer Tainy, and music business legend Tommy Mottola.
It also acquired stakes in US-based Mick Management – whose roster includes Maggie Rogers, Carly Rae Jepsen, Mandy Moore, David Gray, and Hamilton Leithauser – and UK-based dance music label Defected, according to a Billboard article.
The company has also acquired stakes in Nashville-based music publisher Tape Room Music – founded by songwriter Ashley Gorley – plus UK-based One Two Many Music.
In 2022, it made a substantial investment in Transgressive Records and acquired a stake in Red Light Management, which represents artists including Brandi Carlile, Dave Matthews Band, Lady A, Lionel Richie, The Strokes, and many more.
The WSJ said the launch of DamGood Mgmt by the D’Amelio family and Firebird underscores the growing trend of the ‘creator economy,’ where social media stars are expanding their reach beyond platforms like TikTok and YouTube.
By venturing into various industries and leveraging their massive online followings, influencers aim to maximize their earnings and build long-lasting careers. Firebird’s approach involves forming an “Artist Inc.” for each act on its roster, allowing for diverse revenue streams encompassing film, TV, gaming, apparel, beauty, and more, the WSJ reported.
The D’Amelio family rose to fame primarily through their content on TikTok, and their popularity has expanded to other social media platforms such as Instagram and YouTube. They have collaborated with various brands and embarked on several business ventures, including merchandise and music releases.
Last month, the D’Amelio sisters launched D’Amelio Footwear. The sisters also have an existing partnership with Hollister for a fashion brand called Social Tourist. The family’s TV show on Hulu, The D’Amelio Show, has been renewed for a third season.
While the D’Amelio sisters are primarily known as social media personalities and influencers, they have also ventured into the music industry. Both sisters have released songs and have pursued music careers alongside their success on platforms like TikTok.
Dixie started releasing music in 2020 with her debut single, Be Happy. She has since released several more singles, including One Whole Day and F***BOY. Dixie has nearly 675,000 monthly listeners on Spotify.
Charli, the younger sister, has also dipped her toes into music. Her single, if you ask me to, has gained nearly 12 million streams on Spotify.
Music Business Worldwide
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