by R. Asmerom
The popular black entertainment website, Concrete Loop, announced last week that it had entered into a unique partnership with the growing entertainment publishing conglomerate BUZZMEDIA. Although the relationship was initially publicized as an “acquisition” in some publications, Concrete Loop was quick to point out that it has not sold its nearly 5-year-old site, which at last check, is attracting 571,000 monthly visitors (comScore).
So what does this unique partnership mean? Some experts say that, short of an acquisition, it will provide BUZZMEDIA an option to buy the site down the line based on negotiated terms. Along with Concrete Loop, the company also announced partnerships recently with 5 other music sites including PureVolume and Gorilla vs. Bear. Having raised $40 million in funding, Buzzmedia appears to have gotten over its recessionary blues of just over a year ago.
To better understand how this new business relationship will affect Concrete Loop, we went to the source, founder and editor Angel Laws, and asked her a few questions.
Can you explain what it means for ConcreteLoop to be in unique partnership?
Our partnership with BUZZMEDIA is unique in that BUZZMEDIA is investing significant resources into Concrete Loop, which will allow me and my team to continue our rapid growth. BUZZMEDIA has a team of over 100 folks, and Concrete Loop will be able to leverage these resources in a number of areas, including technology, marketing and sales. With that said, I will continue to run CL like I always have and maintain control.
I’m sure you have been approached by other buyers, what made this offer attractive and/or suitable for you?
I was looking for four things: a trusted partner, a media company that gets Concrete Loop and why our community is so special, someone with great complementary resources to CL and someone who wanted to invest in our business. Buzzmedia uniquely has them all and we are very excited about the partnership.
What are the benefits of this partnership for Concrete Loop?
This partnership provides the necessary resources to continue to grow my brand and take it to the next level. This is only the beginning.