Nigeria’s music industry continues to evolve. Many of its professionals, especially the new line up of veterans, are no longer about just making music. Many understand it is really about the business of music. Accordingly, they are lining up the strongest of teams for what promises to be an incredible ride ahead. One such persons is Founder and Music Executive of Trybe Records, eLDee. eLDee recently announced a merger deal with IMAN Entertainment.
Punch News Reports in pertinent part reports:
““ . . . eLDee and his team have done an impressive job of nurturing these creative properties that have created significant value and presence in the industry. We are pleased to bring these great talents and their assets to IMAN Entertainment. The ultimate goal of IMAN Entertainment is to become a major label while providing 360 degrees entertainment services to Africa and the rest of the world. Our retinue of seasoned consulting, advisory and media specialists gives IMAN Entertainment the advantage of achieving our vision in less than a decade,” the statement quotes the management of Iman as saying.
The statement also states that the symbiotic relationship marries Trybe Records’ strong brand presence, creative skills and industry knowledge and Iman’s business expertise that is aimed at maximizing the value of the Nigerian Music industry across multiple platforms and territories. Confirming the merger to E-Punch, eLDee says, “We are bringing together two powerful entertainment brands to establish a commanding position in the Nigerian Music industry, strengthening our global distribution infrastructure and creating a veritable platform that will result in significant benefits to all parties involved.”
According to the University of Lagos graduate of Architecture, the IMAN-Trybe Records deal will see the different divisions of the two companies; Trybe Records (talent development and management division headed by eLDee), Trybe Productions (events conceptualization, management and activation division headed by Oluwafemi Badmus), IMAN One (the media distribution, copyrights management and licensing division headed by Tokunbo Ogun) and IMAN Studios (the audio/visual production division headed by Oluseyi Ademoye), functioning under IMAN Entertainment with a group president overseeing the affairs of the evolving entertainment conglomerate.”
The key paragraph to pay attention to above is the last one. eLDee actually lists himself as President under the new label on his public profiles. The merge essentially makes IMAN-Trybe Records a full service entertainment firm. Mergers are great. However, if not done correctly, the result could be the nastiest of litigation i.e. legal battles over money.
Congratulations to the duo. Wishing them a happy married legal business relationship and lots of prosperity.
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