“Around 2000 I met a young man, James Diener, who was working at Columbia Records,” Fink told Bloomberg Markets magazine in a recent interview.
“[Diener] showed me a business plan for an independent record label and introduced me to his two partners. It reminded me of BlackRock — young, talented people who wanted to start their own thing.”
Fink said he was both “intrigued” and “enthusiastic” to help young musicians find their way in the industry. So, he became the lead investor in a company called Octone Records, and the first artist Octone signed was called Kara’s Flowers, Fink explained.
“We worked with them and changed their name to Maroon 5. … We were the label Maroon 5 used for, I think, their first five albums.”
In an age of “pirating and YouTube,” Fink said he was able to make “a lot of money on that record company,” which has changed drastically since with advancements from the likes of Spotify, Apple Music and even Amazon‘s Prime Music.
After six years of operation, Octone initiated its buy/sell rights in September 2013, resulting in conglomerate Interscope-Geffen-A&M purchasing Octone Records’ 50 percent interest in A&M/Octone, absorbing and restructuring its artist roster into Interscope’s operations in 2014.
BlackRock had $5.1 trillion under management at the end of last year.