Divo, a digital media and music company, has a presence across all four South Indian language music market
With this investment, Warner Music India is aiming to build a leading presence in the entertainment sector across India
Warner Music Group forayed into India in 2020 and entered into an exclusive strategic partnership with JetSynthesys in 2021 to strengthen its presence in India
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Warner Music India has signed a deal to acquire a majority stake in Chennai-based digital media and music company Divo, which has a presence across all four South Indian language music markets.
With this investment, Warner Music India is aiming to build a leading presence in the entertainment sector across India.
Divo offers online video, music distribution, publishing, digital and influencer marketing solutions for brands, celebrities and movies. It has been working with labels, artists and musicians to help distribute and monetise their content across digital platforms, radio and TV stations.
“Having the backing of a global partner will put us on the map, helping us to be a force to be reckoned with when it comes to attracting talent and clients. Our music business will benefit from better access to Warner Music’s global footprint and that will help us drive growth for our artist and label partners,” Shahir Muneer, founder and director of Divo, said.
Divo started as a YouTube Network in 2014 before turning into a digital media and music company.
Commenting on the acquisition, Warner Music India MD Jay Mehta said, “This move (the acquisition) will strengthen our presence in the south of the country, enabling us to have a truly strong pan-India presence. Divo’s extensive portfolio will not only bolster our core music offering in South India, but its entire artist-influencer ecosystem will further enhance our overall entertainment footprint.
US-based Warner Music Group (WMG) forayed into India in 2020. In 2021, it entered into an exclusive strategic partnership with digital entertainment and technology company JetSynthesys to strengthen its presence in India.
According to a report by Boston Consulting Group (BCG) and the Confederation of Indian Industry (CII), Indian media and entertainment industry was estimated to be valued between $27 Bn-$29 Bn in 2022 and is poised to grow to $55 Bn–$65 Bn by 2030. Digital video and gaming accounted for over 40% of total media consumption in 2022.
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