Investment group Ares Capital has purchased the venue manager's parent company, American Capital, for a cash and stock transaction of over $3bn
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The Recording Academy seeks further growth in the Chinese market
By Jamie Raybould on 02 May 2018
After a successful inaugural edition of the Grammy Festival in Beijing on Monday, the Recording Academy, which organised the event with local partners, has said it is seeking to further grow the footprint of the Grammys in China.
CMO of the Recording Academy, Evan Greene, tells Forbes: “I think what’s going on in China is tremendously exciting in terms of what kind of music is sweeping the country and being exported around the world. When you think about what kind of cultural exchange there can be, and with the collaborations there are in the music industry these days, you can’t ignore a market as important and vibrant as China.”
As the 30,000-strong crowd at the festival showed, the market in China is bubbling with the popularity of Western artists such as Pharrell Williams, James Bay and OneRepublic.
“We have a great level of awareness and visibility in China”
“Obviously the Grammys are well known around the world,” continues Greene. “We have a great level of awareness and visibility in China, and we want to take advantage of that awareness and create new opportunities to deepen that cultural connection.”
A2 Live founder Eric Zho, one of China’s leading live execs, told IQ last October that the Chinese music business is “on the cusp of explosive growth”. Zho predicts a timeframe of two to three years for that explosion – long enough, he says, for those involved in the Chinese music business to catch up to their counterparts in the West.
According to PwC’s Global entertainment and media outlook 2017-2021, the Chinese live music industry was worth US$217 million in 2016, and is set to grow at a compound annual growth rate of 6.72%, reaching $301m in 2021.
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