Singers Nick Jonas and Demi Lovato joined forces over the summer and launched a record label together called Safehouse Records. 

During an interview with Phoenix magazine, the heartthrob explained that he and Lovato felt as thought they had reached a point where they were both able to give back and commit to the business side of things so teamed up and took the plunge:

"It's very exciting."

Basically my friend Demi [Lovato] and I were both at the point in our careers where we had established ourselves not only as artists but also as businessmen and women as well."

"We thought it would be great to collaborate with someone you feel safe with - and work with a friend to set up a new chapter. We went with our long-time manager Phil McIntyre and set up Safehouse Records. We built this thing that we're both so excited about."

Back in August, Jonas told ADON magazine that he and Lovato will provide a "support system" to the artists they sign: "Our focus at Safehouse Records is to put artists in control of their art while providing them the best tools to manage their careers. The priority of the artist and the fact that Demi and I are artists and we understand the support system that artist need. Its exciting to do that and hopefully it will work out as we imagine it will."

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Watch a recent interview with Jonas here: