Universal Music Group buys 50% stake in Enchanted Valley Carnival

Q.  World’s largest music company has bought a 50% stake in Enchanted Valley Carnival for an undisclosed sum on 11th September 2015. Name the company?
- Published on 13 Sep 15

a. Times Group
b. Universal Music Group
c. EMI
d. Warner Music Group

ANSWER: Universal Music Group
 
UMG is going to follow the OLA model (Own-License-Operate) for expanding its footprint in the music industry. The CEO of EVC will be CEO and MD, South Asia, Devraj Sanyal. EVC is one of India’s largest music festivals. Music festivals are projected to generate INR 100 crore in 2014 and 150 crore towards the close of 2015. By 2020, the Indian music festival is going to generate INR 1000 crore. 2 of the biggest festivals are held in Goa while atlas 5,00,000 people attend music festival attendees are a regular phenomenon across the year. EVC is the second biggest music festival in India. EVC will be made global by UMG which is hoping to establish its presence in China, Singapore and Sri Lanka.

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