The world’s largest music corporation has acquired fifty percent stake in Enchanted Valley Carnival.
Universal is apparently looking to expand its reach into the world of music festivals. As an initiative to conquer this idea, the worldwide music organization’s subsidiary Universal Music India Pvt Ltd has bought fifty percent stakes in Enchanted Valley Carnival (EVC), one of India’s most prominent electronic/camping festivals.
Devraj Sanyal, MD and CEO—South Asia, Universal Music Group, told BusinessLine, “We wanted to cover all genres in music be it digital, large format events or music labels. We are primarily a music label entering the festival business.”
Enchanted Valley Carnival has announced only a few select names on their lineup so far, including Fatboy Slim, Tiësto and Ferry Corsten. Read more about it here.
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