Hal Leonard, Avid Enter Multimillion-dollar Agreement

Hal Leonard has entered into a five-year multimillion-dollar agreement with Avid to distribute the company's pro-audio and video products.

"As an experienced distributor of Avid products, we believe this agreement gives us a lot of growth potential that will allow us to tap into new markets," said Larry Morton, president at Hal Leonard. "Our goal is to bring an expanded product mix to a wider dealer base and, with Avid, we can offer them the industry's best and most widely used solutions. We've succeeded in the recording category with Pro Tools, and now we're pursuing video and other areas that present an opportunity for us to diversify and use our strengths in distributing products seamlessly while giving great service to retailers."

This long-term agreement, signed in July, is among Avid's largest distribution deals to date.

"Avid is excited to become even more thoroughly represented through Hal Leonard to get our creative software tools and solutions into the hands of more musicians, composers, producers, engineers and others to help them achieve their best work in the studio and on stage," said Jeff Rosica, CEO and president at Avid. "Our companies have enjoyed a long-standing collaboration, with Avid's popular products for the creative community being perfectly complemented by Hal Leonard's global reach and prominence. While this expanded relationship opens up new opportunities for both companies, this new long-term agreement largely underscores the opportunity with our creative software suite and subscription offerings, which will contribute to further growth of Avid's recurring revenue stream beginning in the third quarter of 2018."