Universal Music Group plans to expand India play

economictimes.indiatimes.com:

Universal Music Group (UMG) plans to expand its India business through both organic and inorganic routes as the country is expected to enter the top 10 music markets globally in the coming years from being the 14th-largest music market currently, its chief executive for Asia, Africa and the Middle East, Adam Granite, told ET.

«We will continue to look for M&A opportunities here in India and across all of our markets where it makes sense,» he said, adding that the company is talking to many companies in multiple markets.

In India, UMG is looking to acquire companies across the music ecosystem, including labels and catalogues. «Music has to be a central piece of the company,» Granite said.

As per the financial data sourced from Tofler, UMG subsidiary Universal Music India's revenue in FY23 was Rs 555 crore, with a net profit of Rs 72 crore.

Apart from India, the music company sees China as another other important market. «There are two markets we talk about most often, and that would be China and India. But India is one of our key markets and one of our key vocal points for growth,» the CEO said.

In 2022, UMG's India arm acquired a majority stake in TM Ventures, a leading music and entertainment company.