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Universal Music has struck a deal with a rival of Spotify, and the pact could put artists back at the heart of the music-streaming industry.

Barrons 2023 Sep 06
UMGNF Stock News Image - Proactive Investors

Universal Music Group has acquired UAE-based music company, Chabaka, part of the CHBK Group, a label that specialises in digital distribution, marketing, publishing and artists from the Middle East and North Africa (MENA) region. Chabaka has more than 150 independent artists and local labels across the region of its roster and will expand UMG's footprint in the MENA market, where recorded music revenues rose by 23.8% in 2022.

Proactive Investors 2023 Aug 30
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