Boomplay, the leading music streaming and download service based in Africa and Universal Music Group (UMG), the world leader in music-based entertainment, today announced a new landmark licensing agreement that will extend licensing of UMG’s global music catalog from 7 to 47 countries across the African continent, as part of an extended relationship that will benefit African musicians and talent and expand the listening experience for Boomplay users across Africa.
In 2018, UMG became the first major global music company to license music to the service, which has continued to grow its audience reach and influence across Africa in recent years. Boomplay’s catalog currently stands at more than 50 million tracks and it boasts the largest repertoire of local African content globally, with 50million monthly active users (MAU). The renewal and expansion of this licensing deal with UMG, will enable African music fans across the continent to experience the best in both domestic African and International talent.
As one of the first entrants in Africa, Boomplay has been at the forefront of the music streaming market since 2015 and has a deep understanding of the local market. Now the leading African platform, in December 2020, Boomplay surpassed the 100 million app downloads milestone on Google Play. During this time, Boomplay has supported numerous African artists, across a variety of projects, including: The “concert of the year” – which saw UMG-signed Nigerian singer songwriter Tiwa Savage shut down Lagos with her debut performance of 49-99 and saw Boomplay invest in the first-ever documentary film focused on the history of Afrobeats.
Boomplay also gave away 250 million megabytes of data to users free of charge, so they could stream music online during the COVID-19 pandemic. Boomplay and UMG East Africa held conferences that brought together industry stakeholders to find ways of growing and supporting the African music community even further, as highlighted by Boomplay’s announcement to commit $1 million to support up-and-coming artists from the continent.
This agreement underscores UMG’s ongoing commitment to support and grow Africa’s domestic music ecosystems, while also creating new opportunities for Pan-African talent to reach new audiences domestically, regionally and around the world.
Over the past 5 years, UMG has taken a holistic approach to expanding operations across the continent, opening new divisions in Nigeria, as well as becoming the first major music company to establish divisions in Kenya, Côte d’Ivoire, Senegal, Cameroon and Morocco alongside UMG’s longstanding operations in South Africa. This presence will continue to grow throughout 2021 and beyond, as UMG continues to further extend the company’s ability to support domestic artists on the ground across Africa and globally.
Boomplay users will now have access to UMG’s extensive catalog of both local and global recording artists and labels including: Tiwa Savage (Nigeria), Nasty C (SA), Mi Casa (SA), Sauti Sol (Kenya), Cassper Nyovest (SA), Toofan (Togo), Tekno (Nigeria), Suspect 95 (Côte d’Ivoire), Brenda Fassie (SA), Tenor (Cameroon), Black Coffee (SA), Dena Mwana (DRC), Singuila (DRC), Locko (Cameroon), Hugh Masekela (SA), Charlotte Dipanda (Cameroon), Diamond Platnumz (Tanzania), Alpha P (Nigeria), Tomi Owo (Nigeria), Cysoul (Cameroon), Major League Djz (SA), Fior De Bior (Côte d’Ivoire), Larry Gaaga (Nigeria), Prince Kaybee (SA) alongside international artists from the world’s largest music catalog including: Da Baby, Drake, Lil Baby, Justin Bieber, The Weeknd, Ariana Grande, Selena Gomez, Stevie Wonder, Billie Eilish, Booba, Dadju, Tasha Cobbs, Niska, Lionel Richie, Rihanna, Motown’s Catalog and Bob Marley.
UMG’s African Labels will also be supported under the new agreement including: Def Jam Africa, the continent’s first label dedicated entirely to the best in African hip-hop, afrobeat and trap music which launched in five countries in 2020, Motown Gospel Africa, AI Records, Afroforce1 and other distributed labels including: Kalawa Jazzmee, Aristokrat, Family Tree and Soulistic amongst others. The agreement also includes artists and labels distributed via Electromode and Ingrooves Music Group within the continent.
Recent projects include the release of Rhythms Of Zamunda: Music Inspired By Coming 2 America. The acclaimed 16-track Def Jam Africa compilation traces a musical roadmap through Western, Eastern, and South African soundscapes, introducing listeners to some of the continent’s most exciting artists was released last week.
Boomplay’s Director of Content & Strategy, Phil Choi, added “Since our original deal with UMG, the African music industry has seen exponential growth and made huge strides towards being the next powerhouse that it should be. We’re excited to continue partnering with the UMG team to help promote their African and international artists by bringing their catalogue to even more regions across Africa.
Franck Kacou, Managing Director, Universal Music Africa, who lead’s Universal Music Group’s activity across French-speaking Africa said, “We are excited for our artists and labels to be available now to music fans across these 25 French speaking countries, but also to reach audiences across the rest of the continent. Africa is rich with artistic talent and musical culture and continues to inspire millions of Africans for whom music is an essential part of their daily lives. Working alongside Boomplay, we will help introduce these talents to new audiences, as the appetite for music continues to grow throughout these countries.”
Sipho Dlamini, CEO, Universal Music Group, South Africa and Sub-Saharan Africa, said, “We are delighted to expand our relationship with Boomplay, who over the past few years have shown themselves to be dedicated to providing the best in music to fans across the continent. Through this extended agreement, Boomplay will now help supply improved access to the world’s largest and most diverse music catalog to their broad user base, as we continue to introduce the best in African and international music to the rapidly growing streaming audience across Africa.”
Tosin Sorinola, Director of Artist and Media relations said, “We are very optimistic that this expansion will further embed the blossoming relationship between both parties. As a platform, we are committed to ensuring that we help artists spread their music and that our users have access to all the music they love wherever they are. This expansion will afford us an opportunity to help open up more music to our users and opportunities for artists in the new regions.”
AfDB Approves $50M Trade Finance Deal with Standard Chartered Bank
The African Development Bank Group has approved a $50m Trade Finance Unfunded Risk Participation Agreement (RPA) for StandardChartered Bank.
This was contained in a statement titled ‘African Development Bank approves a $50m Multinational Trade Finance Risk Participation Agreement facility for Standard Chartered Bank’ published on the bank’s website on Wednesday.
The statement said, “The board of directors of the African Development Bank Group has approved a $50m Trade Finance Unfunded Risk Participation Agreement facility between the African Development Bank and Standard Chartered Bank.”
The essence of this agreement is to promote intra-Africa trade, ensure regional integration and lessen the trade finance gap in Africa.
“The agreement is expected to boost intra-Africa trade, promote regional integration, and contribute to the reduction of the trade finance gap in Africa, in line with implementation aspirations of the African Continental Free Trade Area,”
The bank’s Director for Financial Sector Development, Stefan Nalletamby, stated that “We are excited about finalising this facility with Standard Chartered Bank as it offers us the flexibility to use our strong AAA-rated risk-bearing capacity to increase access to trade finance and boost intra/extra-African trade on the continent, in support of the AfCFTA.
“This partnership is expected to catalyze more than $600m in value of trade finance transactions across multi-sectors such as agriculture, manufacturing and energy over the next three years.”
Director-General of the bank’s Southern Africa region, Leila Mokadem, was quoted to have said, “The advent of COVID-19, coupled with stringent regulatory/capital requirements and Know Your Customer compliance enforcement, has seen many global banks reduce their correspondent banking relationships in Africa, while some are exiting the market altogether.
“There is, therefore, an urgent need for financing to reenergise Africa’s trade, which requires more participation of institutions like the African Development Bank.”
The parties in the agreement are expected to share the default risk on a portfolio of eligible trade transactions originated by African Issuing Banks and indemnified by Standard Chartered Bank.
Beneficiaries of this facility are issuing banks in Africa with the ability to grow their trade finance business has been constrained by inadequate trade confirmation lines from international banks.
Other beneficiaries are small and medium enterprises (SMEs) and domestic firms which rely on these issuing banks to fulfill their trade finance commitments.
The RPA facility is aligned with the AfDB’s High 5 priority goals which are: light up and power Africa, feed Africa, industrialize Africa, integrate Africa, and improve the quality of life for the people of Africa.
Standard Chartered Launches Flexible ‘Smart Business Loan’ Product To Support SMEs
Standard Chartered on Wednesday launched its Smart Business Loan (SBL) product to support Small and Medium Scale Enterprise (SMEs) in Nigeria.
David Idoru, Head of Consumer, Private and Business Banking, of the bank in Nigeria, said in a statement in Lagos that SBL was an unsecured installment/term loan available to SME clients within key target sectors.
“Qualified SMEs would be able to access up to N20million loan, without providing tangible security/collateral to purchase asset, finance business expansion and other capital expenditure needs.
“This loan was designed to help SMEs meet their short to medium-term needs.
“As a Bank, our purpose is to drive commerce and prosperity in the locations we operate in. This is done through offering cash, lending, trade and wealth management solutions that specifically drive economic growth,” he said.
Idoru said that the bank was constantly looking for ways to ensure SMEs get access to the needed support to enable their businesses to thrive, adding that prior to the product launch, clients were required to provide full collateral cover to access loans from the bank, but SBL had been designed to provide the necessary flexibility to the clients.
“It is accessible to new and existing clients of the Bank with no waiting period, including small and medium scale organisations, who can access up to N20million in loans without collateral for a maximum tenure of two years,” he said.
Microsoft Overtakes Apple to Become World’s Most Intangible Company
Every year, the Brand Finance Global Intangible Finance Tracker (GIFT™) report ranks the world’s largest companies by intangible asset value.
This year’s number one company in terms of total estimated intangible value is Microsoft (US$1.90 trillion), which has jumped from 4th position in 2020 to overtake Apple (US$1.87 trillion), Saudi Aramco (US$1.64 trillion), and Amazon (US$1.47 trillion).
Microsoft Teams has become embedded into business life for global organisations, once again proving the value of Microsoft’s ability to innovate and roll-out at scale. Microsoft is investing heavily in its business suite solutions. Although Apple is the more valuable company by approximately $200 billion, Microsoft is estimated to have more intangible value with its portfolio of brands and business operations.
Intangible assets are identifiable, non-monetary assets without physical substance. Intangible assets can be grouped into three broad categories – rights (including leases, agreements, contracts), relationships (including a trained workforce), and intellectual property (including brands, patents, copyrights).
Intangible assets boom during COVID-19 pandemic
Over the past year in particular, global intangible asset value has grown faster than usual, and at $74 trillion it exceeds pre-pandemic levels by nearly a quarter, having increased 23% compared to $61 trillion in 2019. The COVID-19 pandemic has demonstrated even further the importance of people, innovation, reputation, and brand for businesses all around the world. Intangible assets are now unequivocally a boardroom priority.
Increases through the pandemic were primarily fuelled by the growth of the world’s largest organisations which were resilient to investor uncertainty due to their scale and their focus on technologies which we continued to rely on through lockdowns. This year, growth has been driven by China and the USA, with several industries recovering from the downturn in 2020.
David Haigh, Chairman & CEO, Brand Finance Plc, commented: “In times of crisis, brands – especially those most valuable and strongest in their categories and markets – become a safe haven for capital. Like gold or fine art during past economic downturns, nowadays well-managed, innovative, and reputable brands are what the global economy turns to in the hour of need. There can be no better evidence for why brands matter than the role they have already played and will continue to play in the post-COVID recovery.”
Global intangible value grows by over 1000% in 25 years
25 years ago – when Brand Finance was established – global intangible assets were worth only an estimated $6 trillion, less than a tenth of the same value today. As of September 2021, global intangible assets are worth over $74 trillion. This is a 1145% growth over 25 years – approximately 11% per annum.
Annie Brown, Associate at Brand Finance, and author of the GIFT™ report, commented: “It is a pivotal moment in financial reporting for intangibles. Total estimated intangible value has grown by over 1000% in the past 25 years. At the same rate, total global intangible value could stand at over $1 quadrillion by 2050 (that is $1,000,000,000,000,000). As investors grapple with balancing various issues such as Climate Change and ESG over the coming years, it is essential that the data they need to understand these vast sums is readily available.”
Internally generated intangibles should be recognised in financial reports
The majority of intangible assets are not recognised, due to the limitations set by the financial reporting rules, which state that internally generated intangible assets such as brands cannot be disclosed in a company balance sheet.
David Haigh, Chairman & CEO, Brand Finance Plc, commented:
“Investors should not be deprived of this critical information. Intangible assets such as strong, valuable brands and innovative technology can be the differentiators that drive a $2 billion company to $2 trillion in 25 years – as witnessed with Apple. This information vacuum for investors is part of the reason why Brand Finance endeavours to estimate the extent of “undisclosed intangible value” in our GIFT™ study each year.”
To truly aid investors and provide them with useful information, we believe management should be allowed and required to:
- Identify the key intangibles of the entire business – both internally generated and acquired.
- Provide an opinion on the value of those intangibles in the notes to the financial statements.
- Provide an opinion of the overall business value at the reporting date, to help investors to understand whether or not their capital is allocated efficiently.
Kevin Prall, Technical Director, International Valuation Standards Council (IVSC), commented: “Despite the importance of intangible assets to the capital markets, only a small percentage are recognised on balance sheets, typically via acquisition from a third-party transaction. The pandemic has further exacerbated the disparity between market values and book values for those industries most reliant on brands, technology, and human capital for value creation. The IVSC supports Brand Finance, and all others, that look to make progress on this most critical issue.”
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