Business

Confirmed: Warner Acquires Middle East-based Qanawat Music

Last week MBW reported The next major acquisition of this music would be Qanawat Music, which operates as a music distributor in the Middle East and North Africa.

That’s what our sources told us Warner Music Group was the favorite to acquire Qanawat Music.

Warner announced today (March 21) that it has entered into an agreement to acquire the distributor.

WMG says the deal, which is expected to close “soon,” will see Warner significantly expand its footprint across the region.

Qanawat music claims to be “the leading independent music distributor in the MENA region with the largest Arabic music catalog in the world”.

According to WMG, Qanawat Music will become its main local distributor as well as “a source of upstream opportunities”.

WMG also says Qanawat is responsible for a significant portion of new releases in the Middle East and North Africa, and is also involved in brand partnerships and music publishing administration.

Our sources tell us that the company started for a substantial eight-figure sum.

Qanawat Music was a division of Qanawat FZ LLC, a regional provider of digital mobile solutions.

The company was founded by Adnan Al-Obthani, who will remain CEO of Qanawat Music after the acquisition while continuing to work for Qanawat FZ LLC.

According to WMG, Qanawat Music will operate as an independent company under the Warner Music Group umbrella.

Qanwat Music has offices in Dubai, Cairo and Casablanca and offers its services in more than 20 countries across the region.

Warner Music opened its Middle East subsidiary back in 2018, with headquarters in Beirut.

Over the past year, Warner Music has completed its investment in Rotana musicthe leading independent record label in the Arab world.

“This will be a new chapter for Qanawat Music and we couldn’t be more excited.”

Adnan Al-Obthani, Qanwat Music

Adnan Al-Obthani said: “Warner Music has a long-term vision for developing the market here in the Middle East and North Africa and a commitment to connecting Arab artists with a global fan base.

“We’ve built this business over 20 years and were determined to only work with a company that we could confidently trust to look out for the best interests of our artists.

“This will be a new chapter for Qanawat Music and we couldn’t be more excited.”

“This acquisition will also see Warner Music expand its footprint in the region, gaining representation in Dubai, Cairo and Casablanca for the first time.”

Alfonso Perez-Soto, WMG

Alfonso Perez-Soto, President, Emerging Markets, Recorded Music, WMG added: “With this new deal, we have a tremendous opportunity to export exciting talent from the Middle East and North Africa – there is an important and growing Arab diaspora around the world can tap into and which help amplify the music.

“We have recently experienced major global success with our artists from sub-Saharan Africa and we are committed to repeating this success by establishing a suitable distribution and upstream structure for the best talent from the Arab world.

“This acquisition will also see Warner Music expand its footprint in the region, gaining representation in Dubai, Cairo and Casablanca for the first time.”

“This is a seismic moment in the development of the music industry in our region.”

Moe Hamzeh, Warner Music Middle East

Moe Hamzeh, Managing Director, Warner Music Middle East said: “This is a seismic moment in the development of the music industry in our region.

“Combining the experiences and relationships Qanawat has built over the years with Warner Music’s global reach and expertise will benefit many artists tremendously.

“This agreement will put the music industry in the Middle East and North Africa in the spotlight. It is also the latest example of Warner Music Group’s long-term commitment to the region, with many more developments in the pipeline.”music business worldwide

https://www.musicbusinessworldwide.com/confirmed-warner-acquires-qanawat-music/ Confirmed: Warner Acquires Middle East-based Qanawat Music

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button