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Universal Music Group, Boomplay Expand License to Cover 47 Nations Across Africa

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Boomplay- Investors King

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.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Company News

Axxela Limited Raises N16.4bn in Oversubscribed Bond Issuance

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Bonds- Investors King

Axxela Limited, a leading sub-Saharan African gas and power company, has successfully completed its N15 billion Series 1 Bond Issuance.

The company raised N16.4 billion due to oversubscription and investor confidence in the company’s financial strength and strategic direction.

Bolaji Osunsanya, Axxela’s Chief Executive Officer, expressed his satisfaction with the outcome, highlighting the bond’s oversubscription of 109%.

Despite challenging economic conditions marked by rising interest rates and limited market liquidity, Axxela’s bond offering attracted strong interest from a diverse group of investors, including pension fund administrators, asset managers, and high-net-worth individuals.

Osunsanya explained that the proceeds from the bond issuance would play a crucial role in funding the company’s long-term capital expenditures, managing its weighted average cost of capital, and diversifying its funding sources.

The funds will support the completion of ongoing gas pipeline projects across Nigeria, aligning with the company’s commitment to enhancing energy infrastructure and contributing to the country’s energy transition agenda.

Stanbic IBTC Capital, serving as the lead issuing house alongside seven joint issuing houses, played a pivotal role in facilitating the transaction, with Stanbic IBTC Bank acting as the transaction bank.

The successful bond issuance reflects Axxela’s strategic positioning as a key player in the region’s energy sector and its ability to leverage strong investor confidence to drive growth and innovation in the industry.

As Axxela continues to expand its presence and strengthen its operations, the oversubscribed bond issuance serves as a testament to the company’s resilience and its commitment to delivering value to shareholders and stakeholders alike.

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Company News

Dangote Refinery Continues Price Slashing: Diesel Now at ₦940/Litre, Aviation Fuel at ₦980/Litre

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Dangote Refinery

Dangote Petroleum Refinery has once again sent ripples through Nigeria’s fuel market by further reducing the prices of diesel and aviation fuel.

In a bid to alleviate economic hardships faced by Nigerians, the refinery has lowered the price of diesel to ₦940 per litre and aviation fuel to ₦980 per litre.

This latest move comes on the heels of the refinery’s recent price reduction to ₦1,000 per litre for diesel, which was celebrated across the country.

The decision to slash prices further underscores Dangote Refinery’s commitment to providing affordable fuel to consumers.

Anthony Chiejina, the Head of Communication at Dangote Petroleum Refinery, announced the development.

He revealed that the new prices are part of a strategic partnership with MRS Oil and Gas stations to ensure accessibility and affordability of fuel across all major locations, including Lagos and Maiduguri.

The refinery’s management expressed optimism that the price reduction would significantly ease the financial burden on consumers, particularly amid rising inflation and energy costs.

They also hinted at extending the partnership to other major oil marketers to ensure uniform pricing and prevent retail buyers from purchasing fuel at exorbitant prices.

This marks the third major reduction in diesel prices in less than three weeks, signaling Dangote Refinery’s proactive approach to addressing economic challenges.

The move has garnered praise from various quarters, with Nigerian President Bola Tinubu commending the refinery for its efforts to support the economy.

Industry experts, including Ajayi Kadiri, the Director General of the Manufacturers Association of Nigeria, lauded the refinery’s initiative, highlighting its potential to stimulate economic activities across critical sectors such as industrial operations, transportation, logistics, and agriculture.

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Appointments

First Bank of Nigeria Appoints Olusegun Alebiosu as Acting CEO Following Resignation of Dr. Adesola Adeduntan

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Olusegun Alebiosu

First Bank of Nigeria Limited, a subsidiary of FBN Holdings PLC, has announced the appointment of Mr. Olusegun Alebiosu as its Acting Chief Executive Officer (CEO).

This decision comes in the wake of the resignation of Dr. Adesola Adeduntan, who has led the bank for the past nine years.

The appointment, which takes immediate effect, is subject to the approval of the Central Bank of Nigeria (CBN), reflecting the bank’s commitment to regulatory compliance and governance standards.

Mr. Alebiosu, a seasoned banking professional with over three decades of experience, is well-prepared to take on the responsibilities of leading First Bank Nigeria during this transition period.

Having served as the Executive Director and Chief Risk Officer, he played a pivotal role in the transformation and growth of the institution over the past eight years.

His extensive experience spans various aspects of the banking and financial services industry, including credit risk management, financial planning, corporate and commercial banking, and project financing.

Before joining First Bank Nigeria in 2016, Mr. Alebiosu held key positions in renowned financial institutions such as Coronation Merchant Bank Limited and the African Development Bank Group.

Expressing gratitude for Dr. Adeduntan’s exemplary leadership, the Board of Directors acknowledged his significant contributions to the bank’s growth and success during his tenure.

Dr. Adeduntan’s departure marks the end of an era characterized by remarkable achievements and milestones for First Bank Nigeria.

As Acting CEO, Mr. Alebiosu is poised to build upon the bank’s legacy and steer it towards continued growth and profitability. With a strong focus on strategic objectives, he aims to uphold First Bank Nigeria’s reputation as a leading financial institution in Nigeria and beyond.

In his new role, Mr. Alebiosu will work closely with the Board of Directors and management team to ensure seamless operations and uphold the bank’s commitment to delivering exceptional services to its customers.

As the banking industry undergoes rapid transformation and evolving regulatory landscape, First Bank Nigeria remains committed to maintaining its position as a trusted financial partner for individuals and businesses across the country.

With Mr. Alebiosu at the helm, the bank looks forward to a new chapter of innovation, resilience, and sustainable growth.

The appointment of Mr. Olusegun Alebiosu underscores First Bank Nigeria’s commitment to continuity and stability amidst leadership changes, signaling confidence in his ability to lead the bank through its next phase of growth and development.

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