Nick Jonas and Demi Lovato have joined forces again, and no, it's not another duet. Today (May 26), the longtime friends and collaborators together with their manager Phil McIntyre announced they would be embarking on a new label together, Safehouse Records.

According to Billboard, the new record label is a collaboration between with Island Records. Jonas' 2014 self-titled album was the first record on the new venture, and Lovato's forthcoming fifth studio album will also be released via Safehouse, Island Records and her current label Hollywood Records.

Why the name Safehouse Records? According to a statement by Jonas and McIntyre to Gossip Cop, the new label will cater to the musicians "as a safe, protected environment where artist's creativity is supported."

"Our focus at Safehouse Records is to put artists in control of their art while providing them the best tools to manage their careers," Jonas and McIntyre said in a joint statement. "Through our partnership with Island Records they will also have access to the best marketing and promotion available."

"I've worked closely with both Nick and Phil for years and we share the same point of view when it comes to making music. It's incredibly exciting to be part of this new company where I'm in control of all aspects of my career. I can't wait to share what we're working on!" Lovato said in a statement.

While Lovato will lead the way with her new album, Safehouse Records is also expected to sign a bath of new artists in the coming months.