Euro RSCG acquires stake in The:Hours

Euro RSCG Worldwide has acquired a majority stake in The:Hours, an independent record label and music content production company, for an undisclosed sum.

The deal will see The:Hours advising Euro RSCG and external clients on music content production while independently signing up new artists.

The:Hours is run by Alexandre Sap and Leslie Dubest, the former founders of Recall Records, and an entrepreneur, Fabien Moreau.

Although the agency owns more than 50 per cent of the company, The:Hours will still operate as an independent business, according to David Jones, the global chief executive of Euro RSCG.

Artists will be under no obligation to work with brands and The:Hours will charge the same rates to all agencies, including Euro RSCG.

Jones said: "The music industry has been turned on its head. If you look at our industry, there is a big parallel between the 30-second ad and the CD. The old model of selling CDs and making money is not the future."