- Wednesday, October 16, 2024
Universal Music Group, the renowned record label home to popular artists such as the Weeknd, Billie Eilish, and Taylor Swift, has recently announced its agreement to acquire Chabaka, a music company based in the United Arab Emirates. This strategic deal with CHBK Group will further strengthen Universal Music Group's position in one of the fastest growing music regions worldwide.
Although the financial details of the acquisition have not been disclosed, the world's largest music company is excited to partner with Chabaka. With expertise in digital distribution, marketing, publishing, and providing label and artist services, Chabaka has established itself as a key player in the Middle East and North Africa (MENA) region. This market experienced a remarkable growth rate of approximately 24% in recorded music revenue last year.
Universal's Virgin Music Group co-chief executive, JT Myers, highlighted the significance of expanding their presence in emerging territories and recognized Chabaka as a pivotal creative hub in one of the most promising music markets globally.
Following the acquisition, Chabaka will become an integral part of Virgin Music Group. With over 150 independent artists and local labels already under their belt, Chabaka is set to contribute immensely to the continued success of Universal Music Group in the MENA region.
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