Warner Music has made a strategic minority funding in SkillBox, a reside leisure and ticketing platform primarily based in India.
The deal arrives simply a few weeks after India’s Financial Occasions reported, citing an interview with WMG CEO Robert Kyncl, that the corporate is actively in search of M&A alternatives in India.
Warner’s latest M&A exercise out there features a strategic funding in JetSynthesys’ World Music Junction in April. The information outlet (ET) reported that WMG took a 26% stake in Music Junction as a part of the deal.
The corporate additionally acquired India-based artist administration and reside occasions firm E-Optimistic in October 2023, and purchased a majority stake in digital media and music firm Divo in February final yr.
“We’re already doing nice in India, however it may be a a lot larger a part of our story,” Kyncl was quoted by ET as saying final month.
The worldwide music trade is turning into more and more centered on India and it’s not laborious to see why. In accordance with Datareportal, there have been 751.5 million web customers in India at first of 2024 – almost double that of the USA, the place 97% of the nation’s inhabitants are lively on-line. India’s whole web person base at first of the yr solely accounted for 52.4% of its whole inhabitants measurement, which was 1.44 billion in January 2024.
In accordance with stats printed by Luminate in January, the market noticed the largest YoY improve in whole annual on-demand music streams of any nation final yr.
As MBW reported on the time, if annual streaming quantity development within the US slows in 2024, as many count on it should – however India manages to maintain its 2023 YoY streaming development margin this yr – India might develop into the world’s largest music streaming territory by quantity in 2024.
Based by Anmol Kukreja and Sandip Ranjhan, with Roydon Bangera and Amarjeet Singha becoming a member of as a part of the founding group, SkillBox started as a ticketing platform and expanded right into a full-suite reside leisure firm with ticketing, reside model options, and reside tech companies reminiscent of Skillbox Pay.
In accordance with Warner, with its deal with “curating area of interest community-led occasions and experiences”, SkillBox has labored on artist excursions reminiscent of Jacob Collier, Steve Vai, Ben Howard, Karnivool, The Midnight, DIVINE, Hanumankind and extra, in addition to creating reside occasions IP like Bloomverse, Okay-Wave, Lemonade, and LiveBox.
The SkillBox platform counts over 1.5 million customers.
SkillBox has additionally expanded into artist administration by way of its devoted administration arm, LevelHouse, which manages distinguished India-based artists reminiscent of Parvaaz, Blackstratblues, Raman Negi, JBABE & Parekh & Singh
In accordance with Warner, by integrating reside occasions and ticketing into its portfolio, Warner Music India “will supply its artists the power to succeed in wider audiences, whereas followers will profit from streamlined, unforgettable reside music experiences”.
“Investing in SkillBox, which is a ticketing, reside occasions, and artist administration firm, blends completely with Warner Music India’s purpose of being an artist-first, fan-first firm.”
Jay Mehta, Warner Music India & SAARC
Jay Mehta, Managing Director, Warner Music India & SAARC, commented on the partnership: “Investing in SkillBox, which is a ticketing, reside occasions, and artist administration firm, blends completely with Warner Music India’s purpose of being an artist-first, fan-first firm.
“SkillBox’s progressive method to reside leisure aligns precisely with our imaginative and prescient of offering complete companies to artists. Stay leisure is slated to develop quickly.
“By becoming a member of forces, we are able to create dynamic new alternatives in India’s fast-growing leisure market, making certain that our artists have one of the best platforms to thrive.”
“We see large alternatives in India’s nonetheless nascent reside leisure trade.”
Alfonso Perez Soto, Warner Music
Alfonso Perez Soto, President, Rising Markets, Warner Music, added: “We see large alternatives in India’s nonetheless nascent reside leisure trade.
“Our funding in SkillBox permits us to broaden the companies that we are able to seamlessly supply artists, each home and worldwide, connecting them with followers throughout India. We’re desperate to leverage SkillBox’s experience on this area and faucet into this high-growth market.”
Immediately’s announcement follows Warner Music India’s strategic investments in and partnerships with the likes of Divo, E-Optimistic, and JetSynthesys, reinforcing its place as a number one power in India’s leisure sector.
“We’re thrilled to companion with Warner Music India because it marks a major milestone in SkillBox’s journey.”
Anmol Kukreja, SkillBox
Anmol Kukreja, CEO & Founder, SkillBox, mentioned: “We’re thrilled to companion with Warner Music India because it marks a major milestone in SkillBox’s journey.
“This collaboration aligns with our mission to redefine reside leisure and supply unparalleled experiences to each artists and followers. With Warner Music’s in depth trade experience, artist roster and world attain, we purpose to push the boundaries of what’s attainable within the reside music area, creating extra alternatives for artists and delivering memorable occasions for audiences throughout the nation.”
“We’re excited to companion with Warner Music to foster a dynamic ecosystem for reside music in India. Our frequent aim is to form an artist’s first music trade.”
Roydon Bangera, SkillBox
Roydon Bangera, Chief Enterprise Workplace, SkillBox, added: “We’re excited to companion with Warner Music to foster a dynamic ecosystem for reside music in India. Our frequent aim is to form an artist’s first music trade.
“By leveraging our experience in music IPs, reside and branded experiences we need to create extra alternatives for artists and followers to attach at a deeper stage. This partnership units the stage for a brand new period in India’s reside leisure panorama.”Music Enterprise Worldwide
