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Monday, 5 November 2018

Universal Music Group taps Africa as the next big market

Universal Music Group taps Africa as the next big market. On Sunday the world’s largest music company struck a licensing agreement with Boomplay, a fast-growing African music streaming service. Under the pact, UMG — which is home to Lady Gaga, Kendrick Lamar, and Elton John, among others — will license its catalogue to Boomplay’s 36 mn listeners across sub-Saharan Africa. As growth in mature western markets slows in 2019, UMG is looking to expand its services around the globe, on the hunt for emerging markets ripe for streaming as it makes plans to sell half its shares. Boomplay is owned by Chinese manufacturer and smartphone manufacturer Transsion Holdings. Its streaming platform is available in Nigeria, Ghana, Kenya, Tanzania, Rwanda, Uganda and Zambia.

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