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Universal Music Group to expand operations in Nigeria

Universal Music Group has announced an African expansion to include Nigeria and a few other countries in the continent.

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Global Music publishing giant, Universal Music Group, has announced plans to expand operations in Africa in countries such as Nigeria, Ghana and Kenya in 2021.

This was disclosed by the group’s regional CEO, Sipho Dlamini, in a Bloomberg report on Monday. The CEO also revealed that Universal Music had opened an office in Ivory Coast to tap into the francophone music scene.

“We are thinking long term and looking to build lasting infrastructure in order to support African talent for years to come,” Dlamini said. “We want to expand the possibilities for that talent to reach new audiences around the world.”

Universal Music plans to take advantage of the large music and tech adoption by younger Africans in a bid to secure streaming revenue. The CEO also revealed that Universal, just like its rival Sony, plans to sign more African musicians and also build more recording infrastructure for the continent for a wider reach.

Bloomberg disclosed that the recorded music revenues in Africa and the Middle East had totalled $100 million in 2019.

“There has never been a more exciting time for African music around the world, as it continues to influence and inspire culture and creativity, while reaching a wider audience globally each day through streaming,” Dlamini said.

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The CEO added that Universal Music was also working with major African Telco operators including g MTN Group Ltd, Vodacom Group Ltd, and Orange SA in a bid to boost its operations in the continent.

What you should know 

  • The plan to expand operations does not come as a surprise, as Nigerian musicians recorded success in 2020 due to streaming.
  • Nairametrics reported last month that David Adedeji Adeleke, better known as Davido, revealed that his third studio album had surpassed 213.2 million streams across all platforms in a month.
  • Nigerian Afrobeats star, Oluwatosin Ajibade, popularly known as Mr Eaziannounced an experimental plan for his music fans and investors to buy shares in his songs.
  • Nairametrics reported in July that Mr Eazi raised $20 million for his Africa Music Fund (AMF) to invest in the careers of African music talents.

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Around the World

Michael Jackson’s Neverland Ranch sold to billionaire, Ron Burkle for $22 million

American billionaire Businessman, Ron Burkle has purchased late Michael Jackson’s Neverland Ranch for $22 million.

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Michael Jackson’s Neverland Ranch sold to billionaire, Ron Burkle for $22 million

The famous Neverland Ranch owned by late popstar, Michael Jackson has been finally sold to popular American billionaire and onetime associate, Ron Burkle for $22 million.

According to a report by The Wall Street Journal, the property was first listed for $100 million in 2015 and subsequently underwent severe price cuts, settling for $31 million last year.

READ: Africa’s richest woman has been dragged to court for corruption 

Nairametrics gathered that Mr. Jackson made Neverland famous by installing eccentric features like a railroad and an amusement park, which included a Ferris wheel and a merry-go-round. He also kept orangutans and an elephant there.

However, since the death of Jackson in 2009, the Neverland ranch has undergone various renovations, including the removal of its famous amusement park.

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READ: Nigerian billionaire, Benedict Peters Plans to mine Platinium in Zimbabwe

What you should Know:

  • Mr Jackson originally paid about $19.5 million for the ranch in 1987.
  • Amid financial struggles and the inability of Mr Jackson to meet up with his loan obligations backed up by the ranch, a 2008 agreement was reached with Colony Capital- a real-estate investment trust to co-manage the property under a joint venture.
  • The famous ranch which spans about 2,700 acres has 22 buildings, including a 12,000-square-foot mansion. It also has several guesthouses, a swimming pool with a cabana, a basketball court, a tennis court and a 50-seat movie theatre.
  • Findings by Nairametrics reveal that the new buyer, Ron Burkle, an American billionaire is a co-founder and managing partner of Yucaipa Companies, LLC. According to Wikipedia, his net worth is currently estimated at $2 billion.

READ: Trump International Hotel sale stalled

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Business

FG to attract foreign investors for Actors Guild of Nigeria

The Minister said that the contributions of entertainment have played a significant role in growing Nigeria’s economy and soft power.

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FG to attract foreign investors for Actors Guild of Nigeria

The Nigerian Government has said that it is going to work with the Actors Guild of Nigeria (AGN) to attract foreign investors into the country’s film space and also diversify the economy.

This was disclosed by Minister of Foreign Affairs, Geoffrey Onyeama, in a meeting with the AGN on Friday in Abuja.

READ: Everything you need to know about Mary Njoku, founder of the newly acquired ROK

The Minister said that the contributions of entertainment to the economy should not be understated, as it played a significant role in growing Nigeria’s economy and soft power.

  • “Ministry of Foreign Affairs has a role in partnering with Nollywood because very clearly, the creative industry plays a very important role, not just in the culture of a country, but in its economy. We know the percentage of America’s GDP that is contributed by the creative industry. I believe that the module of the Nollywood industry is what holds the greatest hope for the country. Because, we see a spontaneous creation of a whole economic sector, without any input from government but the efforts of practitioners.”

READ: How MultiChoice is getting the economy working with BBNaija

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READ: Nigeria signs MoU with United Arab Emirates to establish Joint Commission

He praised Nigeria’s film industry for creating its own niche which has been used as a template for other African film industries to follow.

  • “What the industry has achieved is quite phenomenal and should be a template for other sectors and it should give us hope, notwithstanding where we are economically. We will be happy to partner with you to further promote Nollywood internationally and there are different ways that we can work collaboratively together to draw a roadmap of how we can work together to achieve value addition.”

READ: FG approves $2 billion for first phase of $4.6 billion Ibom Deep Seaport

READ: The long road from NITEL to NTEL and the dashed hopes

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What you should know 

  • The FG has also marked Nigeria’s film industry as a means to diversify the economy away from oil.
  • Nairametrics reported in September that the Federal Government had inaugurated a Steering Committee on the Commercialization of the Nigerian Film Corporation (NFC), with the aim of making Nigeria’s film industry a continental entertainment power.
  • Minister of Information, Lai Mohammed, said the NFC would be repositioned, as the FG had engaged the services of a Business Development Consultant to conduct due diligence on the corporation and the sector, to recommend a strategy that was suitable for its reform and commercialization.

READ: FG urges contractors to complete Ebute Meta–Apapa seaports railway extension by January 2021

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Entertainment

Davido cancels label’s live concert due to surge in coronavirus cases

Davido has cancelled his planned music concert in Lagos over fears of coronavirus surge.

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Davido Music Worldwide’s founder, David Adeleke, popularly known as Davido, has announced the cancellation of his label’s first-ever live concert due to the surge in COVID-19 cases.

The multi-award-winning artiste had earlier announced to millions of fans of a DMW concert which was to feature Mayorkun, Peruzzi, Dremo and other artistes on the label.

READ: Second wave: Nigeria records all-time highest daily Covid-19 cases

Fans’ hope was however dashed when the “Fem” crooner took to his Instagram page to announce that the concert which was scheduled to hold on the 28th of December at the Eko Hotels and Suites, has been canceled.

READ: SoundCloud creates ‘donation button’ for fans to support artistes affected by Coronavirus

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“Following increased and overwhelming concerns with the rise of Covid-19 cases in Lagos, we have made the difficult decision to cancel the upcoming ‘Davido Presents DMW Live In Concert’ scheduled to take place on Dec 28th. The health and well-being of our fans, employees and artists is of paramount importance so whilst we are disappointed, we know it is the right thing to do,” he said.

READ: AstraZeneca set to buy Alexion for $39 billion

The singer who is still basking in the success of his recent album, ‘A Better Time’ went on to thank the fans for the support and promised to hold the concert in the near future.

“Thank you to everyone that purchased tables. Your support brought us way closer to sold-out status than we expected in a very uncertain time! We look forward to bringing you a DMW live in concert in the very near future. In the meantime, stay safe, sanitised and socially distanced. Thank you for your understanding and Merry Christmas in advance!” he added.

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READ: UPDATED: FG suspends ExecuJet for flying Naira Marley to Abuja

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