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UMI (Universal Music India) has bought a major stake in Farhan Akhtar and Ritesh Sidhwani’s production house Excel Entertainment. Under this deal, Excel Entertainment is valued at around ₹2,400 crore and Universal Music India will get 30 percent stake in it.
After this agreement, Universal Music and Excel Entertainment will work together. Films, web series and their music will directly benefit from this. Universal Music will now release original songs from all Excel Entertainment projects worldwide.
This big announcement was made in Mumbai on Monday. Farhan Akhtar, Javed Akhtar, Ritesh Sidhwani and Maharashtra Chief Minister Devendra Fadnavis were also present in this event.
Under the deal, a new Excel Music label will also be launched, which Universal Music will distribute globally. Also, the responsibility of music publishing of Excel’s songs will also be with Universal Music.
Devraj Sanyal, Chairman and CEO of Universal Music India, will now join the board of directors of Excel Entertainment. However, the creative decisions of the company will continue to be taken by Ritesh Sidhwani and Farhan Akhtar as before.
Commenting on the partnership, Ritesh Sidhwani and Farhan Akhtar said, “The world of Indian entertainment is ever-growing, and it is the right time for us to forge great partnerships across the world. We are very happy to join hands with UMG (Universal Music Group) and believe that this will be a creative and transformative step that will provide new opportunities for artists and their work across music, film and new formats. Together, we aim to That our cultural stories be conveyed to the whole world.”
Excel Entertainment has so far produced many hit films and web series like Dil Chahta Hai, Don, Zindagi Na Milegi Dobara, Gully Boy, Fukrey, Mirzapur, Made in Heaven. The company has been known for consistently delivering unique and strong content since 1999.
Vishal Ramchandani, CEO, Excel Entertainment, said, “This partnership with UMG is a huge step forward in our journey to expand new opportunities for artists and showcase Indian stories from a global perspective. With our common goal of innovation and great work, we aim to build Excel into a creative global studio that delivers new and original content across platforms and countries.”
India is a big and fast growing market for Universal Music Group. Crores of people in India watch and listen to movies, web series and songs, due to which there is huge potential for the music industry to grow.
Adam Granite, CEO of Africa, Middle East and Asia, Universal Music Group, said, “Today’s announcement further strengthens UMG’s position in India, a fast-growing and strategically important music market for us. Original soundtracks are a key part of India’s fast-growing music market, and Indian audiences are showing a growing appetite for this type of music.
The investment and partnership is a unique opportunity for UMG to strengthen its foothold in a large and promising music market. According to recent IFPI data, India is the 15th largest recorded music market in the world, and there is a strong connection between the music and video industries.
Additionally, India has more than 375 million ‘over-the-top’ viewers who watch movies, original shows, sports, reality shows and documentaries, and 650 million smartphone users. In such a situation, there is a good opportunity to expand this market further in the coming years.
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