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 looking for M&A alternatives in India.
Warner’s current M&A exercise available in the market features a strategic funding in JetSynthesys’ International 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-Constructive in October 2023, and acquired 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 greater a part of our story,” Kyncl was quoted by ET as saying final month.
The worldwide music business is changing 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 in the beginning of 2024 – practically double that of the USA, the place 97% of the nation’s inhabitants are lively on-line. India’s whole web person base in the beginning 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 enhance in whole annual on-demand music streams of any nation final yr.
As MBW reported on the time, if annual streaming quantity progress within the US slows in 2024, as many anticipate it would – however India manages to maintain its 2023 YoY streaming progress margin this yr – India may 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 staff, SkillBox started as a ticketing platform and expanded right into a full-suite reside leisure firm with ticketing, reside model options, and reside tech providers resembling Skillbox Pay.
In accordance with Warner, with its give attention to “curating area of interest community-led occasions and experiences”, SkillBox has labored on artist excursions resembling Jacob Collier, Steve Vai, Ben Howard, Karnivool, The Midnight, DIVINE, Hanumankind and extra, in addition to creating reside occasions IP like Bloomverse, Ok-Wave, Lemonade, and LiveBox.
The SkillBox platform counts over 1.5 million customers.
SkillBox has additionally expanded into artist administration by its devoted administration arm, LevelHouse, which manages distinguished India-based artists resembling 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 flexibility to achieve 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 revolutionary method to reside leisure aligns precisely with our imaginative and prescient of offering complete providers to artists. Dwell leisure is slated to develop quickly.
“By becoming a member of forces, we will 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 business.”
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 business.
“Our funding in SkillBox permits us to broaden the providers that we will seamlessly supply artists, each home and worldwide, connecting them with followers throughout India. We’re wanting to leverage SkillBox’s experience on this area and faucet into this high-growth market.”
At present’s announcement follows Warner Music India’s strategic investments in and partnerships with the likes of Divo, E-Constructive, and JetSynthesys, reinforcing its place as a number one pressure in India’s leisure sector.
“We’re thrilled to companion with Warner Music India because it marks a big milestone in SkillBox’s journey.”
Anmol Kukreja, SkillBox
Anmol Kukreja, CEO & Founder, SkillBox, stated: “We’re thrilled to companion with Warner Music India because it marks a big 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 business experience, artist roster and world attain, we purpose to push the boundaries of what’s doable 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 business.”
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 business.
“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 degree. This partnership units the stage for a brand new period in India’s reside leisure panorama.”Music Enterprise Worldwide
