Warner Music Group to Acquire Dubai’s Qanawat Music In One of the Fastest-Growing Music Markets
DUBAI (CelebrityAccess) – Warner Music Group (WMG) has agreed to accumulate Qanawat Music, a number one distributor within the Center East and North Africa. The deal, anticipated to be accomplished very quickly, will see WMG develop its presence throughout the area, with Qanawat changing into its key native distributor…
DUBAI (CelebrityAccess) – Warner Music Group (WMG) has agreed to accumulate Qanawat Music, a number one distributor within the Center East and North Africa. The deal, anticipated to be accomplished very quickly, will see WMG develop its presence throughout the area, with Qanawat changing into its key native distributor and a supply of upstreaming alternatives.
Qanawat was a division of Qanawat FZ, LLC, a number one digital cellular options supplier. The corporate was based by Adnan Al-Obthani, who will stay CEO of Qanawat Music following the acquisition, whereas additionally working for Qanawat FZ LLC. Qanawat Music will function as a standalone firm underneath the WMG umbrella.
The recorded music market within the Center East and North Africa is without doubt one of the fastest-growing on the planet. Growing numbers of music followers throughout the area – a inhabitants of some 430 million – are capable of entry streaming providers. A variety of native music scenes, drawing on the area’s wealthy cultural heritage and a shared language, means artists have a stable potential to interrupt throughout borders. An extra viewers for these artists, which might help unfold their affect and music, is the sizable Arab inhabitants worldwide, estimated within the tens of tens of millions.
Moe Hamzeh, Managing Director, Warner Music Center East, concludes: “It is a seismic second within the growth of the music trade in our area. Combining the expertise and relationships, Qanawat has constructed up over time with the worldwide attain, and experience of Warner Music will massively profit many artists. This deal will shine a highlight on the music trade within the Center East and North Africa. It is usually the most recent instance of Warner Music Group’s long-term dedication to the area, with many extra developments within the pipeline.”