Warner Music Group (WMG) has invested in the Middle East's largest record label Rotana Music, which is owned by Saudi Arabia's billionaire businessman Prince Al Waleed Bin Talal, Warner said.
The transaction will see ADA Worldwide, WMG's label services division, distribute Rotana releases globally outside of the Middle East and North Africa and through YouTube for the entire world, Warner said in a statement on Wednesday.
The companies did not disclose the size of the deal.
Salem Al Hendi, chief executive of Rotana Music Holding, said the deal will “facilitate Warner Music’s reach into the Mena music industry and fan communities, just as it will benefit Rotana in our global expansion objective”. It will also help support and promote local artists on the global stage, he added.
Rotana has signed on some of the Arab world's biggest music artists including Egyptian mega-star Amr Diab, Saudi Arabia's Mohamad Abdo and Lebanon's Elissa.
In 2018, Prince Alwaleed's Kingdom Holding Company and Rotana Group invested $266.7 million in music streaming service Deezer in a private placement that valued the company at around $1.10 billion, analysts said at the time. Alongside the deal, Rotana and Deezer also signed an exclusive long-term agreement to distribute the music company's Arabic digital audio and video content across the region.
"The Middle East and North Africa region is among the most culturally dynamic places in the world today, with burgeoning musical scenes and dramatic consumption growth," Simon Robson, WMG’s president of international and recorded music, said. "We’re especially excited about the opportunity to both expand our profile in the region and to bring these amazing artists to audiences across the globe.”
Kacy Grine & Co advised Rotana Music in the transaction with Warner.
WMG launched Warner Music Middle East in 2018, covering 17 markets across Mena.
With a population nearing half a billion people, the Mena music market is anticipated to "grow exponentially" as the region continues to improve internet speeds and smartphone penetration, which has doubled in the last five years alone, according to the statement.
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