The Orchard (company)
Orchard Enterprises NY, Inc., doing business as The Orchard, is an American music and entertainment company, specializing in media distribution. It is a division of Sony Music Entertainment, based in New York City. In 2019, the company sold off its film and television division, which was renamed 1091 Media.
History
The company was founded in 1997 by Scott Cohen and Richard Gottehrer in New York City.In early 2003, the Orchard was bought by Dimensional Associates. Danny Stein, the CEO of Dimensional Associates, was appointed Executive Chairman, and Greg Scholl left management consulting firm McKinsey & Company to become The Orchard's CEO, changing its strategy and operating model and building a new management team. In 2009, Scholl accepted a position as president, Local Integrated Media at NBCUniversal and Brad Navin was appointed CEO.
In 2012, Sony acquired a majority stake of 51% in the company in a cash and equity deal with an estimated total valuation of $100 million. In 2015, the remaining equity in the company was acquired by Sony Music Entertainment for over $200 million.
IODA
IODA was a global sales, marketing and distribution company with majority stake owned by Sony. The subsidiary serviced independent artists, labels, filmmakers and other content providers on digital and mobile outlets, including making copyright claims on online content. IODA had relationships with major mobile and online download retailers including iTunes, eMusic, Rhapsody, and Amazon.com.On July 1, 2009, Sony Music Entertainment and IODA announced their global strategic partnership to leverage combined worldwide online retail distribution networks and complementary technologies to support independent labels and music rightsholders.
On March 5, 2012, Sony acquired the remaining stake of IODA. The company's operations were merged with the Orchard.