More than two decades after it stopped acquiring soundtracks to focus on \u201cartist-led\u201d music, Universal Music Group\u2019s India outpost is doubling down on the film music segment by buying a 30% stake in Excel Entertainment.<\/p>\n\n\n\n
That\u2019s the production house behind such ground-breaking Bollywood movies and soundtracks as Dil Chahta Hai <\/em>(2001), Rock On!!<\/em> (2008) and Gully Boy<\/em> (2019), and web series like the crime drama Mirzapur<\/em>.<\/p>\n\n\n\n Under the terms of the agreement \u2013 which values Excel at Rs2,400 crore (approx. $266m) \u2013Universal will gain global distribution rights for all future original soundtracks created for projects owned or controlled by Excel, which will be released under a new sub-label.<\/p>\n\n\n\n\n Universal Music Publishing Group will also become Excel\u2019s exclusive music publishing partner, potentially setting up opportunities for the label\u2019s artists and repertoire to be included in the studio\u2019s future productions.\u00a0<\/p>\n\n\n\n Devraj Sanyal, the chairman and CEO of Universal Music India and South Asia and the SVP of strategy, Africa, Middle East and Asia, will gain a seat on Excel\u2019s board of directors as part of the deal.<\/p>\n\n\n\n As with all such partnerships with international and Indian entities, there\u2019s an eye on amassing worldwide audiences.<\/p>\n\n\n\n\n \u201cWith a shared vision for innovation and excellence, we aim to transform Excel into a creative global studio\u2014one that brings clutter-breaking, original content to audiences across platforms and geographies,\u201d said Excel Entertainment CEO Vishal Ramchandani about the partnership with Universal.<\/p>\n\n\n\n Co-founders and filmmakers Farhan Akhtar and Ritesh Sidhwani added that \u201ctogether, we aim to take culturally rooted stories to the world.\u201d<\/p>\n\n\n\n The move marks a change in strategy for Universal, which recently re-entered the film music segment by reissuing its classic soundtracks on vinyl<\/a> and then launching a sub-label with production house Maddock Films<\/a>.\u00a0<\/p>\n\n\n\n\n \u201cSoundtracks remain at the heart of India\u2019s fast-growing music market, with Indian listeners showing a growing desire to access more music in that genre,\u201d said Universal Music Group CEO of Africa, Middle East and Asia, Adam Granite, who was in Mumbai for the Excel announcement.<\/p>\n\n\n\n The news follows a similar deal between Saregama and Bhansali Productions<\/a> wherein the legacy domestic label purchased a stake in the production house owned by filmmaker Sanjay Leela Bhansali.<\/p>\n