Warner Music India picks up majority stake in Divo
Warner Music India has signed a deal to acquire majority stake in Divo, a digital media and music company in India with 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, the company said in a statement.
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. The company that released over 30,000 songs last year, has a presence in the Tamil, Kannada, Malayalam and Telegu music industries.
Warner Music India has forged strategic partnerships with companies including Global Music Junction, Sky Digital, Tips Music and Ziiki Media in the past. 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.
“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,” Jay Mehta, managing director, Warner Music India said in a statement.
Shahir Muneer, founder and director, Divo said the backing of a global partner will put the company on the map, helping it 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,” Muneer said in a statement. VC Circle