Sony is looking to seal a deal with EMI to become the biggest music publisher in the market. The deal is expected to hit the $2.3 billion price range. The company looks to acquire EMI as a stepping stone on reaching the world’s biggest music publisher status.
Sony, EMI Deal Details
The tech giant has been wildly popular for producing electronic gadgets from music, games, and services. They look to dominate the music industry as music streaming platforms continue to surge in the market. The company’s 2.3 million tracks library is looking to see a massive expansion after the deal closes.
According to reports, Sony managed to win bidding rights for the acquisition of EMI. The company is also reported to acquire a total of 60% in stakes. They will end up with a total of 90% in stake adding the previous 30% they already have.
On the other hand, EMI has been steadily gaining a newfound momentum in the midst of the growing music streaming market. The multinational music publishing company has had a great run as a massive resurgence comes after the popularity of the streaming services.
Sony CEO Note
Going back to the acquisition deal, reports revealed that this is the biggest strategic move that the new Sony CEO made. Sony’s new CEO Kenichiro Yoshida looks to expand the company’s music library from great artists in the industry.
According to reports, the acquisition will give Sony a whole new array of music published by EMI. The tech giant will have access to music from artists such as; Kanye West, Sam Smith, Sia, and even Alicia Keys.
Furthermore, Kenichiro mentioned that the acquisition is a part of their plan on revenue streams. He also noted that they are looking to stabilize the revenue streams through the rights to entertainment content.
“We are thrilled to bring EMI Music Publishing into the Sony family and maintain our number one position in the music publishing industry,” Yoshida said in an interview. He also added that “This investment in content intellectual property is a key stepping stone for our long-term growth.”
Music Streaming Site Resurgence
The music market has been in rubbles ever since the popularity of the internet way back in 1999. The grievous battle lasted until 2014, trampling the music industry unto its knees. Thankfully, the success and popularity of streaming websites gave music publishing houses “resurgence”.
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