Chocolate City and Loopy Music has announced a merger.
The
two record labels have decided to come together, integrating their
business models to form a grand business that would encompass all the
artistes signed to both labels.
The announcement was made by rap star, M.I Abaga
who is the CEO of Loopy Music and Vice President of Chocolate City at
the 2015 Nigerian Entertainment Conference on April 22, 2015.
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Revealing
the rationale behind the move, the rapper said that the trend of top
music record labels globally is toward consolidation.
In
a move reminiscent of Jay-Z and Damon Dash where they sold Rocafella
Records to Island Def Jam, M.I revealed that the merger is a union to
improve their business efficiency and respond more effectively to change
in the music business sector.
The new label will have Audu Maikori step
down as CEO of Chocolate City Music effective June 2015, followed by
the announcement of a new CEO. The move brings together M.I, Jesse Jagz, Ruby Gyang, Loose Kaynon, Ice Prince, Nosa, DJ Caise, Dice Ailes, Victoria Kimani and DJ Lambo under one business umbrella.
MI
also took the opportunity at the Nigerian Entertainment Conference to
announce a compilation album featuring all the artistes under the newly
merged label which will be exclusively available on the STAR Music
app soon.
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