“With the vision of Mohammed bin Rashid…the global media community continues to grow and prosper”

His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Media Council, affirmed that the global media community that Dubai established over 20 years ago continues to grow and prosper in light of the vision of His Highness Sheikh Mohammed bin Rashid Al. Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, God bless him, which has made Dubai a vital platform for launching ambitious media projects and a major hub for attracting creative ideas and talent from across the region and the world.

This came on the occasion of the completion of the acquisition of Warner Music Group, a global music entertainment and recording group, of “Music Channels”, the leader in digital music and entertainment in the Middle East. East and North Africa, and a subsidiary of the “Qanawat” group, which was launched from Dubai Media City in 2001.

His Highness said the acquisition agreement represents another success in addition to the many successes that have resulted from the favorable environment that Dubai has provided for entrepreneurs to launch their distinguished projects in the field of media, like other sectors. , and allowed them to get started with him. on the path to success, while benefiting from Dubai’s attractive investment environment aimed at attracting heads of state. Funds and agreements that allow them to expand their business and go global in record time, underscoring Dubai’s continued provision of all supporting elements to businesses of all sizes, including high-level infrastructure, executives flexible legislation and a partnership-based approach.

sustainable growth

The acquisition is expected to enhance the sustainable and comprehensive growth of the media sector as a whole, in particular the Arabic content industry, and will provide a strong boost to components of the media community in all its categories, cementing Dubai’s position in as advanced media. central, and improving the emirate’s competitiveness to attract more major Arab and international media companies.

The deal is one of the largest of its kind in digital music and entertainment in Asia, Africa and Europe. The deal will help promote the development and support of Arab talent and elevate it globally, and will also create many job opportunities, as the “Music Channels” workforce is expected to grow by more than 100 % in the next step. .

The size of the deal is in line with the success the Qanawat Group of Companies has had since its inception in Dubai Media City. With its strategic presence within the region’s largest integrated media business environment, it has been able to develop and expand its activities. in more than 20 countries, including branches in Riyadh, Cairo and Al Dar, Al-Bayda, Tunisia and Algeria, and has become the largest distributor of digital entertainment and music content in the Arab world and in Africa, and the entertainment and music network The “channels” content network achieved in 2021 more than 200 billion views and visits through digital distribution platforms including Apple Music YouTube, Spotify and Anghami, in addition to channels social media platforms such as Facebook, Instagram, TikTok and Snapchat, over 145 million videos have been uploaded by social media users.

As part of the acquisition, Music Channels will continue to operate as an independent company within the Warner Music Group, under the supervision of CEO Adnan Al-Obthany. “Music Channels” will act as the main distributor of “Warner Music” in the region, which will benefit from “Music Channels’ extensive distribution network” and its network of relationships with more than 1,100 creators from all over the Arab world.

federate efforts

Adnan Al Obthani, CEO of Music Channels, said: “We seek to maintain our position as a digital distributor and pioneer of creativity, development and marketing in the Middle East and North Africa with a portfolio that includes the most great and the best arabic entertainment and music. content worldwide, and this was made possible through the acquisition of Noahd. Our efforts are with Warner Music Group.

He added: “We have worked hard for over 20 years to build an integrated distribution network and grow our business with the support of Dubai Media City’s distinguished infrastructure and stimulating business environment, in addition to the community Our Creators Business Warner Music Group has a long-term vision to grow the industry in the MENA region, and we are confident that this new chapter in our history will unveil a world of great opportunities for innovators and usher in new areas of business, including the world of Meta First, NFT and other creative areas.

Arabic content

In this regard, Majid Al Suwaidi, Managing Director of Dubai Media City, said: “Dubai Media City has worked for more than 20 years to provide opportunities for growth and success for businesses and talent in all areas of media through an integrated media environment which also includes Dubai Studio City, Dubai Production City and the in5 business incubator. For the media, where the three cities today include 3,000 institutions and 34,000 specialists who have contributed and still promote the walk of the media sector in the emirate, which today has become a source of Arabic content for various parts of the world.

He added: “We are keen to develop this environment in order to continue on the path of excellence and leadership, which contributes to the consolidation of Dubai’s position as a destination for large companies in the fields of media, and an incubator of talents and skills that the United Arab Emirates and the Arab world as a whole. »

He continued, “Music Channels have always influenced the growth of the creative community and the music and entertainment sector particularly in the Middle East and North Africa, and its acquisition by a global company confirms the attractiveness of this sector and the opportunities offered to emerging countries. companies there, in addition to the growing demand for public Arab talent.”

In turn, Alfonso Perez Soto, Head of Emerging Markets at Warner Music Group, said: “Through this agreement with Music Channels, we have a tremendous opportunity to export promising talent from the Middle East and North Africa. to Arab audiences around the world. in promoting and growing the music industry as a whole.

Music revenue in the region for 2021 is the highest in the world

The music industry in the Middle East and North Africa is booming, according to the World Music Report 2022 published by the International Federation of the Phonographic Industry. The data points to a 35% increase in music revenue in 2021 in the region, reflecting the industry’s performance and lead over Latin America, the United States and Canada.

With a total population of over 464 million, music fans are doubling in size and the market is booming, supported by easy mass access to digital streaming platforms and increased distribution by regional music companies. .

Distributors and international brands are noticing the growing demand for Arab celebrities, and on the other hand, acquisitions in the music industry in the country and region demonstrate the amount of potential opportunities and the need for concerted efforts and strengthening practices to discover promising creators and talents. talents.

Google Newsstand

Follow our latest local and sports news and the latest political and economic developments via Google news

Share

To print




Leave a Comment