What were you up to in your teens? Sure enough, generating wealth was not one of your specialties at that point minting money right from that tender age gives you a head start over your generation.
Such is the story of the founders of the music label RKA Records (now Savage Digital Ltd).
Two 18-year-olds inspired by the musicians in their school launched a music label and went on to sign multiple artists at prices that seemed a hefty bargain when compared to the industry standards.
The teenage founders came to the Den to pop out their way to the top of the music industry!
Every street has a wannabe music artist nowadays so the prospects of owning a music label might seem bright to local wankstas but this was the Dragons’ Den, lets’ see what became of these young entrepreneurs.
Index:
RKA Records at a Glance:
| Idea | Music label |
| Founders | Ryan Ashmore and Liam Webb |
| Asked For | £50,000 For 15% |
| Accepted Deal | £50,000 For 79% |
| Dragon | Duncan Bannatyne |
| Business status | Dormant |
| Episode No. | Season 9, Episode 8 |
What is RKA Records?
RKA Records was a music label propped up by two Leicester-based entrepreneurs in October 2010. Quoting Ryan, ‘The label has progressed rapidly since then.
The company signed three extremely promising artists with two of them residing in Germany. The company also formed many partnerships with other companies to help achieve mutual success.
These partnerships included a leading distributor in the music industry as well as numerous recording studios.’
RKA Records artists were heavily praised by BBC Radio presenter Dean Jackson, calling their music great, new, and exciting. In 2012, the company was rebranded to Savage Digital.
It is currently branded as Bannatyne Music but its website indicates that it is soon going to be relaunched as Vantage Digital.
Who Are The Founders Of RKA Records?
Childhood friends Ryan Ashmore and Liam Webb founded RKA Records in 2010.
Ryan received his bachelor’s degree from Nicholas Chamberlaine Technology College. He remained involved with the company till 2014. He currently serves as an account executive at a real estate firm.
Liam Webb left the company in 2012. After exiting the business, he joined a software and cloud services business. He currently serves as a Business Development Manager at an IT consultancy firm.
Both of them earned a decent amount of money from their teenage endeavors after which they carried on with their careers in their core competence.
Did RKA Records Get A Deal On Dragon’s Den?
The teenage entrepreneurs surprised the Dragons with what they had built in such a short time. Although Liam’s nervousness was more than evident, the Dragons accommodated them quite well.
They were also impressed by the negotiating prowess of the founders upon being informed of the unrealistic deals that the two had struck with artists.
Eventually, the naivety of the founders was exposed when they were asked about the future business plan. Not to mention, the violent competition in the music production industry meant that the Dragons were better off without a piece in the teenage music company.
Surprisingly, Duncan Bannatyne made an offer for the full amount to the youngsters but not so surprisingly, he demanded 79% equity in return.
It became evident that Duncan wanted to step into the music industry and RKA Records presented him an excellent opportunity to do so. The deal was accepted by the founders.
What Happened to RKA Records After Dragon’s Den?
Founders continued to work for RKA Records after the acquisition for a few years. The label signed ReConnected to move forward.
The company’s name was changed to Bannatyne Music in 2012. It was further rebranded as Savage Digital in 2018. Its website indicates it will relaunch as Vantage Digital in the coming days.
The revenue of the company was nothing at the time of its featuring on the Den but the artists it had signed implied fortnightly revenue of £100,000 as per the founders. As of today, the company is dormant with no turnover. It only ever released one song named ‘One In A Million’.
Duncan bought this company for personal entertainment. No prospects for this company are in sight at the moment. The only thing that is getting it some attention is that its owner is a Dragon.
Product Details:
- RKA Records was a record label.
- Its content was aimed at teenagers.
- Its owner is Duncan Bannatyne.
- It released a music video name ‘One In A Million’.
- It is to be rebranded as Vantage Digital.
Competitors Of RKA Records:
RKA Records wished to enter one of the most fiercely competitive markets dominated by multinational corporates. Its competitors were plenty and all of them had something to offer that was better than RKA Records.
A few of RKA Record’s competitors:
What Is The Net Worth of RKA Records?
Ryan and Liam had a valuation of £330,000 in their minds for RKA Records when they walked into the Den but this just reflected their naivety in front of the Dragons.
The business was not worth anything at that time but Duncan Bannatyne invested in the music label at a valuation of £63,000.
As of today, RKA Records is worth nothing and it effectively functions as a dedicated entertainment tool for its owner, Duncan Bannatyne.
Is RKA Records Still In Business?
RKA Records, currently known as Savage Digital and soon to be renamed to Vantage Digital is currently dormant. It has produced only one music video in its lifetime.
Its website says that it is to launch as Vantage Digital soon and maybe it would start functioning as a normal music company after that but the chances of that seem grim.
The founders of the company cashed out in the Den itself because they realized that their company was worth nothing at that point. Duncan went on to make it even more meaningless ever since.
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FAQs:
What is RKA Records ?
RK Records was a music label propped up by two Leicester-based entrepreneurs in October 2010. Its website indicates it will relaunch as Vantage Digital in the coming days.
What's the net worth of RKA Records ?
Ryan and Liam had a valuation of £330,000 in their minds for RKA Records. Duncan Bannatyne invested in the music label at a valuation of £63,000. As of today, RKA Records is worth nothing.