WARNER MUSIC INDIA SIGNS DEAL TO ACQUIRE A MAJORITY STAKE IN DIVO
THE LARGEST DIGITAL MEDIA AND MUSIC COMPANY IN SOUTH INDIA
OFFICIAL PRESS RELEASE
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Warner Music Group
Warner Music India has signed a deal to acquire a majority stake in Divo, a leading digital media and music company in India with a presence across all four South Indian language music markets. This investment will help deliver Warner Music India’s strategy of having a leading presence in the entertainment sector across the whole country.
Divo offers online video, music distribution, publishing, digital and influencer marketing solutions for brands, celebrities and movies. It has been working with labels, artists and musicians to help distribute and monetise their content across digital platforms, radio and TV stations. With a large presence in the Tamil market, and a fair share of the Kannada, Malayalam and Telegu music industries, Divo released more than 30,000 songs last year.
Warner Music India has grown its presence across the vast majority of regions and cultures in the country with chartbuster releases and strategic partnerships with companies including Global Music Junction, Sky Digital, Tips Music and Ziiki Media. The label recently forayed into Marathi and Gujarati music with the release of official film soundtracks as part of its strategy to strengthen its presence in the regional music scene. The company also has a regional imprint with its sub-label Maati.
Jay Mehta, Managing Director, Warner Music India, says: “I’m so delighted that we’re able to bring the Divo brand under the Warner Music India banner. This move will strengthen our presence in the south of the country, enabling us to have a truly strong Pan-India presence. Divo’s extensive portfolio will not only bolster our core music offering in South India, but its entire artist-influencer ecosystem will further enhance our overall entertainment footprint.”
Alfonso Perez Soto, President, Emerging Markets, Warner Recorded Music, adds: “The acquisition of Divo is a major milestone in our Indian journey. We opened for business in 2020 and through a series of strategic deals and culturally relevant artist signings have fast established ourselves as a key player in the market. We’re excited to partner with Shahir and Vishu and the team at Divo, who have built an amazing company that operates at the intersection of four key music markets. Together, we’ll take South Indian music to a global audience.”
Shahir Muneer, Director, Divo, comments: “It gives us immense pleasure to partner with Warner Music India. Having the backing of a global partner will put us on the map, helping us to be a force to be reckoned with when it comes to attracting talent and clients. Our music business will benefit from better access to Warner Music’s global footprint and that will help us drive growth for our artist and label partners.”
Vishu Ramaswamy, Director, Divo, concludes: “We are glad to partner with Warner Music India for the next phase of our growth. Our ideologies and long-term approach towards expansion in India connected in the right manner and with this association we’re sure that we will become the biggest entertainment entity in South India.”
Source Warner Music Group
February 8, 2023 2:00am ET by Pressparty