UMI’s just inked a significant deal with Excel Entertainment, marking a major move in the Indian music market.
Universal Music India (UMI) has made waves with a new partnership with Excel Entertainment, one of India’s top film and digital content studios. This agreement, valued at approximately ?2,400 crores (around �257 million), allows UMI to acquire a 30% equity stake in Excel, enhancing UMG’s foothold in a market that ranks as the 15th largest globally in terms of recorded music revenue, according to the latest IFPI data.
Excel Entertainment, founded in 1999 by Ritesh Sidhwani and Farhan Akhtar, is not only known for its films and digital content but also has a robust history in music, particularly in musical dramas that resonate well with Indian audiences. This partnership aims to leverage Excel’s capabilities while also providing UMG with global distribution rights for all original soundtracks tied to projects from Excel.
A new dedicated music label under Excel is also on the horizon, with global distribution managed by UMG. Furthermore, Universal Music Publishing Group will act as Excel’s exclusive music publishing partner, marking a significant expansion of music collaboration between the two companies.
Devraj Sanyal, UMI�s chairman and CEO, is set to join the board of directors at Excel as part of the arrangement. He expressed enthusiasm about the partnership, emphasizing the unique opportunities within the Indian entertainment industry. �The Indian film scene presents a hugely exciting opportunity for music and the music-led entertainment business,� he noted.
In a joint statement, Sidhwani and Akhtar recognized the ongoing growth of India�s entertainment sector and underscored the importance of global collaborations. They expressed excitement about working with UMG to create a transformative alliance that opens new avenues for artists and content across multiple platforms.
Vishal Ramchandani, CEO of Excel Entertainment, described the partnership as a pivotal step towards expanding creative opportunities. He highlighted that the shared vision between Excel and UMG aims to position Excel as a leading global studio that delivers original content to diverse audiences.
Adam Granite, UMG’s CEO for Africa, Middle East, and Asia, noted that this deal further solidifies UMG�s strategic importance in India’s vibrant music market. He reiterated the heart of India’s music scene lies within original soundtracks, and the collaboration with Excel allows UMG to engage deeply in the creative processes of upcoming projects.
In summary, this partnership between UMI and Excel Entertainment promises to reshape the dynamics of the Indian music and film industries, setting the stage for exciting new developments in both sectors.