Vivendi’s Universal Music Group (UMG) will launch a new division in Nigeria as part of efforts by the world’s largest music label to expand into Africa’s most populous nation and the wider region.
The music entertainment group said on Tuesday its new strategic division, Universal Music Nigeria, will operate from Nigeria’s commercial capital Lagos.
Nigerian music, much like its Nollywood film industry, is popular across much of Africa.
Nigerian music artists have popularised the Afrobeat musical genre and gone on to sign record deals, sell out concerts and work with international artists to increase the global reach of African music.
Music revenue in Nigeria – mostly derived from sales of mobile phone ringtones – grew 9 per cent in 2016, year-on-year, to reach $39 million and is expected to rise to $73 million by 2021, auditing firm Pricewaterhouse Coopers (PwC) said last year.